Gold Prices Rally Following Federal Reserve Interest Rate Decision

Spot gold prices rose over 1% to trade at $4,073.60 an ounce after the Federal Reserve maintained interest rates between 3.50% and 3.75%.

The market reacted to the decision with a $40 jump, despite three committee members voting for a 25-basis-point hike during the meeting.

The Federal Reserve stated that inflation remains above its 2% goal, citing supply shocks and energy price increases as contributing factors to the current economic environment.