Gold reclaims its footing as Oil retreat blunts Fed shock
Gold (XAU/USD) price extends its gains on Friday, edging up 0.89% as Oil prices eased despite renewed concerns of supply shortages and despite a week that featured a rate hike by the Federal Reserve (Fed), which pushed the yellow metal to a nearly two-month low of $4,235. XAU/USD trades at $4,379 at the time of writing. XAU/USD rebounds as softer crude offsets lingering pressure from near-5% yield The yellow metal remains bid as risk appetite soured amid growing concerns that the Middle East conflict, which involves the US and Iran exchanging attacks in the Persian Gulf, while the Houthis and Saudi Arabia fight in the Red Sea. Last week, the Houthis, an Iran-backed Yemeni group, attacked the Arabian East-West Oil pipeline, forcing its shutdown. This would delay Oil shipments to buyers in Europe, according to a Bloomberg article, which noted that Saudi Aramco has not confirmed the information. Despite this, West Texas Intermediate (WTI) continues to trade subdued, capping the Greenbacks advance. The US Dollar Index (DXY), which measures the performance of the buck against six peers, is almost flat at 100.29. The US 10-year Treasury yield is up nearly six basis points to 4.996%, boosted mostly by the Federal Reserves 0.25% rate hike on








