Trump's Major Decision Looms as Gold Holds Firm Amid Rate Hikes

Gold prices held firm above $4,300 despite rate hikes by the Federal Reserve, while investors await a major decision from former US President Donald Trump and a potential escalation of strikes against Tehran. The gold market saw a rebound on Thursday as oil prices fell and U.S. Treasury yields retreated following the Fed's decision.

The Nasdaq Composite rose for the third time in four weeks, driven by technology stocks, despite the S&P 500 and Dow Jones Industrial Average posting weekly declines. Federal Reserve Chair Walsh emphasized the central bank's commitment to bringing inflation back under control, but this hawkish stance did not cause a collapse in gold prices.

Saudi Arabia's oil exports have plummeted due to pipeline attacks and Iran's blockade of the Strait of Hormuz, which has caused the kingdom to seek support from Israel. Despite deep-rooted anti-Israel sentiment among the Arab public, Saudi Arabia is looking to leverage Israel's military capabilities to mitigate its precarious position.

The Japanese market is entering a holiday period known as 'Silver Week', during which financial markets will be closed from Monday through Wednesday due to public holidays. The Bank of Japan has raised its policy rate to 1.25%, but the yen remains under pressure, and potential intervention by Japanese authorities has emerged.