Gold prices climb as oil retreat eases rate hike fears

Gold prices climbed more than 1% on Wednesday as a significant retreat in Brent Crude Oil prices helped alleviate global inflation concerns. This shift has tempered market expectations for further interest rate hikes, even as geopolitical tensions regarding the Middle East remain a central focus for investors.

Spot prices for the precious metal rose 1.6% to reach $4,546.59 per ounce by mid-morning in the United States, recovering from a four-month low recorded earlier in the week. Meanwhile, U.S. gold futures for April delivery saw a more pronounced jump of 3.3%, trading at $4,545.40.