After the US Federal Reserve’s decision, gold jumps 1% with the dollar’s decline

Gold prices jumped more than 1% while the dollar and US Treasury yields fell following the Federal Reserve on Wednesday raised interest rates by 75 basis points, as expected.

And gold rose in spot transactions to 1735.49 dollars an ounce.

US gold futures rose 0.8% to $1,731.40 an ounce.

The US central bank raised its benchmark interest rate by 75 basis points in an effort to tame runaway inflation.

The dollar index, which measures the performance of the green currency once morest a basket of six major currencies, fell 0.68%, which enhances the attractiveness of gold among buyers holding other currencies, while the US Treasury bond yields fell.

Other precious metals followed the lead of gold’s gains, as silver rose in spot transactions 2.6% to $19.09 an ounce, and platinum rose 1.4 percent to $886.09, while palladium rose 0.6 percent to $2023.55.