Gold gains as dollar nears seven-week high
Gold prices rose by more than 1% to approximately $4,310 per ounce, while the dollar remained near a 7-week high after the U.S. Federal Reserve raised interest rates and signaled further monetary tightening, reducing the appeal of low-yield assets. Meanwhile, oil prices declined significantly, with Brent crude easing to around $104 per barrel after Saudi Arabia announced additional shipments of crude to Asian markets, alleviating fears of supply shortages. Analysts expect the continued fall in oil prices to support an increase in gold prices over the medium term, as markets await decisions from the Bank of Japan and the Bank of England regarding interest rates.
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