Gold Surges Amid Fed Tightening Signals

Gold prices surged to $4,310.49 per ounce on Thursday as investors digested the U.S. Federal Reserve's interest rate hike and signals of further monetary tightening.

The move marked a 1.1% gain and recovery from a six-week low recorded the previous day, Wednesday.

However, U.S. December gold futures fell approximately 1.0% to $4,348.70, diverging from the upward movement in spot prices.

Kelvin Wong, Senior Market Analyst at OANDA, stated that oil prices remain a key factor to watch and could support higher gold prices on a medium-term basis.