Gold Rises Above Expectations as Buyers Refuse to Budge

Gold prices continued to rise despite the Federal Reserve's expected rate hike. The precious metal gained 2.29% in the latest session, reaching a high of $4,380.5 before pulling back slightly to around $4,369.

The market appears to be looking past the Fed decision and focusing on demand instead of rate-hike fears. According to Brien Lundin, this setup is similar to late 2015, when gold prices moved higher after the expected hike.

Central bank demand remains a major story in supporting the gold price. Research shows that global official gold holdings have climbed to approximately $4.7 trillion, surpassing Treasuries for the first time since 1996.