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.
Key Takeaways
AIGold prices climbed for a second consecutive session today, reaching their highest level in a week as oil prices declined, while investors largely ignored the US Federal Reserve’s first interest rate hike in three years and its hawkish statements.
According to Reuters, spot gold rose 0.9 percent to $1,378.97 per ounce, while US gold futures gained 0.4 percent to $1,418.50.
Han Tan, chief market analyst at Bybit, said the precious metal absorbed the Fed’s hawkish signals and found immediate support from falling oil prices, amid hopes that the US rate hike cycle will be limited.
Among other precious metals, spot silver rose 2.8 percent to $67.03 per ounce, platinum gained 2.6 percent to $1,814.57, and palladium increased 3.2 percent to $1,331.95. All three metals are on track for weekly gains.