Gold price shot up by nearly 2.39 per cent in the week gone by, while carrying forward the positive momentum of the previous week driven by a ‘mildly hawkish’ stance of the US Fed on interest rate hike. as expected, the US central bank raised the interest rate by 75 bps for the second month in a row to combat the scorching inflation. However, the US Federal Reserve acknowledged softening economic activity, which soothed concerns about the rapid rate hike path ahead and prompted ‘safe-haven’ buying in gold. Besides, the dollar index was seen nursing losses for the second week in a row, which underpinned gold prices. Weak US GDP data also supported gold price rally.