Gold Holds Steady as Fed Hike and Lower Oil Ease Inflation Fears

Gold prices held steady on Friday after a volatile week, as the effects of the Federal Reserve's interest rate hike and declining oil prices tempered concerns about inflation. The precious metal traded around $4,350 an ounce, having gained nearly 2% on Thursday to erase much of its losses from the previous three sessions.

The Fed's decision to raise rates by a quarter percentage point on Wednesday was seen as a cautious move, and Treasury yields declined across maturities in response. This shift helped ease pressure on gold, which tends to underperform when bond yields are higher because it doesn't pay interest.