Gold Rises Above $4,300 Amid Pressure from Rate Hike

Gold prices rose above $4,300 an ounce on Thursday as oil prices' recent rally lost momentum. However, gold remained under pressure after the US Federal Reserve raised interest rates by 25 basis points to 3.75-4% and signaled another rate hike before year-end.

The price of WTI crude oil declined, extending recent losses due to improving Saudi Arabian supply and talks between the US and Houthis easing concerns over potential Middle East crude supply disruptions.

Copper futures, on the other hand, climbed to around $6.45 per pound for a third consecutive session as the broader metals complex rebounded following the widely anticipated US Federal Reserve rate hike.