Gold gains amid weak dollar and inflation worries

Gold prices rose slightly due to the decline of the dollar and the ongoing drop in oil prices, despite the U.S. Federal Reserve's announcement of the first interest rate hike in over three years, raising rates to a range of 3.75% to 4% to combat persistent inflation, especially in the energy sector. Spot gold increased by 0.9%, reaching $4,379.59 per ounce, while futures contracts rose by 0.4% to $4,417.84, with limited weekly gains. Although U.S. Treasury yields have climbed to around 5%, concerns about inflation—particularly driven by energy prices—continue to impact the market, and it is expected that it will take years for inflation to return to the 2% target. Oil prices have declined for three consecutive days due to improved supply expectations driven by diplomatic efforts between the United States and Iran, as well as Saudi Arabia’s attempts to restore its export capabilities after disruptions to the East-West pipeline.

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