17.09.202604:03:56UTC+00Gold Rises on Softer Oil Prices

Gold climbed toward $4,300 an ounce on Thursday, retracing losses from the previous session as the recent surge in oil prices stalled, easing some inflation concerns. The move came after reports that Saudi Arabia plans to restore roughly half of the capacity of its East–West pipeline within days, with full operations expected within six weeks. US Energy Secretary Chris Wright also noted that 18 million barrels of crude and petroleum products transited the Strait of Hormuz earlier this week.

Despite the rebound, gold remained under pressure following the latest policy decision by the US Federal Reserve, which raised interest rates and signaled the likelihood of another increase before year-end. The Fed lifted the federal funds rate by 25 basis points to 3.75%–4%, in line with expectations, marking its first rate hike in three years. Fed Chair Kevin Warsh reiterated that inflation remains elevated, while data released last week showed that US core inflation rose more than expected in August.