Gold hits one-week high as oil prices fall
Gold prices rose for a second straight session, reaching a one-week high as oil prices declined and investors shrugged off the US Fed's rate hike.
Gold prices surged to a one-week high as oil prices fell and investors largely disregarded the US Federal Reserve's recent interest rate increase and hawkish statements. Spot gold climbed 0.9% to $1,378.97 per ounce, while US gold futures rose 0.4% to $1,418.50, according to Reuters. Analyst Han Tan attributed the precious metal's strength to its absorption of the Fed's hawkish signals and the support from falling oil prices, suggesting the US rate hike cycle may be limited.
Silver, platinum, and palladium also saw gains, with spot silver rising 2.8% to $67.03 per ounce, platinum increasing 2.6% to $1,814.57, and palladium climbing 3.2% to $1,331.95. All three metals are on track for weekly gains.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
