Gold rebounds to $4,283.45 on Thursday after Fed rate hike
Business
Gold prices made a comeback on Thursday after dipping to a six-week low, thanks to the US Federal Reserve's latest interest rate hike aimed at fighting inflation.
Spot gold inched up 0.5% to $4,283.45 per ounce, while December gold futures slipped 1.5%.
The move shows how rising rates can make other investments more attractive than gold.
Kevin Warsh cites jobs, metals up
new US central bank chief Kevin Warsh pointed to strong job numbers as a reason for the rate hike.
Other precious metals also saw small gains: silver was up 0.6%, platinum 0.8%, and palladium 1.4%.
Retail sales in August bounced back despite higher prices, hinting at economic resilience.
Meanwhile, Saudi airstrikes in Yemen are raising concerns about oil supply.