Oil Price Drop Fuels Surprise Bounce in Gold and Silver

Despite the US Federal Reserve's rate hike to 3.75%-4%, gold and silver prices have bounced back, climbing past $4,300 and $64 an ounce respectively on Thursday.

This rebound comes as falling oil prices are seen as a key factor behind the rise in precious metals, with Brent crude plummeting nearly 2.7% to $102 per barrel.

Other factors working in gold's favor include a weaker US dollar index and declining US debt yields, which have dropped below 5% for the 10-year yield.

However, oil prices remain above their levels from a month ago, indicating ongoing inflationary pressures that could keep interest rates elevated.