Gold Gains Over 1% as Markets Digest Fed Rate Hike... - jordannews.jo

AI desk brief

Gold rose 1.1% to $4,310.49/oz after the Fed’s rate hike and signal of further tightening, even as the metal had hit a near six-week low on Wednesday. December gold futures slipped 1% to $4,348.70/oz, highlighting a mixed tape with spot supported by technical buying and a softer oil market while higher rates remain a headwind.

Analyst Kelvin Wong at OANDA said lower oil could support gold over the medium term, but expects the metal to stay range-bound until that happens. The move came alongside gains in silver, platinum and palladium, with markets also watching the BoE and Middle East risk as additional macro and geopolitical catalysts.