Gold Rises on Softer Oil Prices
Gold rose toward $4,300 an ounce on Thursday, recovering losses from the previous session as the recent rally in oil prices lost steam, easing inflationary pressures. Those moves followed reports that Saudi Arabia is aiming to restore around half of its East-West pipeline capacity within days and return it to full operation within six weeks. US Energy Secretary Chris Wright also said that 18 million barrels of crude and petroleum products passed through the Strait of Hormuz earlier this week. Still, gold remained under pressure after the US Federal Reserve raised interest rates and signaled another hike before the end of the year. The Fed increased the fed funds rate by 25 basis points to 3.75%-4%, as expected, marking its first rate increase in three years. Fed Chair Kevin Warsh also said inflation remains elevated, while data released last week showed core US inflation rose more than anticipated in August.
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Silver climbed toward $64 an ounce on Thursday, recovering losses from the previous session as the recent rally in oil prices lost steam, easing inflationary pressures. Those moves followed reports that Saudi Arabia is aiming to restore around half of its East-West pipeline capacity within days and return it to full operation within six weeks. US Energy Secretary Chris Wright also said that 18 million barrels of crude and petroleum products passed through the Strait of Hormuz earlier this week. Still, silver remained under pressure after the US Federal Reserve raised interest rates and signaled another hike before the end of the year.
75%-4%, as expected, marking its first rate increase in three years. Fed Chair Kevin Warsh also said inflation remains elevated, while data released last week showed core US inflation rose more than anticipated in August.