Gold rebounds after Fed rate rise as banks back long-term demand outlook

Gold prices bounced back after the US Federal Reserve’s interest rate increase, as analysts and investment banks maintained a positive long-term outlook for the metal, citing structural challenges facing the world’s largest economy. Spot gold traded at US$4,288 an ounce on Thursday morning in Asia, after diving as much as 2.7 per cent to US$4,234 at 3am in Hong Kong on Thursday. The US central bank announced a widely expected 0.25 percentage-point rate rise early on Thursday, its first in three…

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