- Gold held around $4,350 an ounce after gaining almost 2% on Thursday, then December futures broke above $4,400 on Friday to a weekly high of $4,439.80.
- The Fed's unanimous quarter-point hike on Wednesday was its first since 2023; Treasury yields spiked after the decision and then declined across maturities, easing pressure on non-yielding bullion.
- Brent crude fell to $98.46 a barrel Friday morning from over $107 on Wednesday, as Saudi Arabia's key East-West pipeline continued to be restored, feeding the inflation-fear unwind.
- US stock futures edged up early Friday as easing oil prices and confidence in the Fed's inflation strategy extended Wall Street's post-decision rally.
Quotes
“Gold held a gain at the end of a volatile week as the Federal Reserve’s first interest-rate hike since 2023 and lower oil prices helped ease concerns about inflation.”
“Gold prices have held in the $4,300 range since last Friday, but this morning they broke above $4,400, hitting a weekly high of $4,439.80.”
“The Fed's decision to raise rates for the first time in three years, combined with the ongoing restoration of Saudi Arabia's key East-West pipeline, has prompted inflation concerns to fade among investors.”