Commodities
Gold Surges as Fed Rate Hike Sparks Monetary Tightening Concerns
Gold prices surged over 1% on Thursday as investors digested the US Federal Reserve's interest-rate increase and signals of further monetary tightening.
The spot gold price rose to $4,310.49 an ounce by 0149 GMT, its highest level in nearly six weeks, after hitting a low on Wednesday.
US gold futures for December delivery fell about 1% to $4,348.70 an ounce.
Kelvin Wong, senior market analyst at OANDA, attributed the current rise in gold prices to technical factors and the Federal Reserve's signals pointing toward further monetary tightening.
Oil prices declined after reports that Saudi Arabia was offering additional crude shipments through Oman, easing concerns over potential supply disruptions.