Gold climbs 0.8% to $4,295.26 after Fed rate rise
Gold made a comeback on Thursday, climbing 0.8% to $4,295.26 an ounce after the US Federal Reserve raised interest rates and hinted at more hikes ahead.
While spot prices recovered from a recent low, gold futures actually dipped a bit, showing just how unpredictable markets can be when big economic news drops.
Saudi Arabia crude inflow lifts metals
Oil prices slipped as Saudi Arabia put more crude into the market, which shifted trading patterns and gave gold an extra boost.
Analyst Kelvin Wong noted that if oil keeps dropping, gold could see even more gains in the short term.
Meanwhile, silver, platinum, and palladium all saw solid increases too, likely because investors are looking for safe places to park their money with ongoing uncertainty around energy prices and global politics.