Gold rises by more than 1%

Gold prices rose by more than one percent on Thursday as investors digested the U.S. Federal Reserve’s decision to raise interest rates and hints of further monetary tightening, while the recent rally in oil prices stalled.

Spot gold climbed 1.1 percent to $4,310.49 per ounce, after hitting its lowest level in nearly six weeks on Wednesday.

Kelvin Wong, senior market analyst at OANDA, said, “Oil prices remain a key factor to watch. If oil prices continue to fall, it could support higher gold prices, at least from a medium-term perspective. Until then, I expect gold to trade within a defined range.”

He added that the current rise in gold prices is also largely driven by technical factors, as the market has factored in the Federal Reserve’s signals of further monetary tightening.

Among other precious metals, spot silver rose 1.4 percent to $63.83, platinum gained 1.6 percent to $1,780.55, and palladium jumped two percent to $1,295.