Gold Prices Surge on Fed Rate Decision

Gold prices have fallen about 1% toward the $4,000-an-ounce range but remain on track for their first monthly gain since February.

The move follows the Federal Reserve's decision to hold interest rates steady this week, prompting investors to scale back bets on further rate hikes.

Naremiko, vice chair at Ken Smith Refinery, attributes the gold price uptrend to the Fed's decision and notes that central bank demand for gold strengthened in the second quarter.

Despite a 10% loss from its peak levels seen in the first quarter, gold remains more than 30% higher than a year ago.