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[Federal Reserve Raises Interest Rates by 25 Basis Points, Spot Gold Prices Volatile] The Federal Reserve announced a 25 basis point rate hike. Spot gold prices initially fell and then rose, with some funds contrarianly buying gold. Nobel laureate Robert Lucas analyzed the market pricing mechanism, pointing out that investors need to understand the true logic behind portfolio changes and the core factors driving market pricing. (Source: Federal Reserve) AI Interpretation: The Federal Reserve's rate hike directly tightened dollar liquidity, significantly raising the opportunity cost of holding non-interest-bearing assets. After a brief period of risk-averse selling, the market quickly shifted, reflecting investors' reassessment of the long-term monetary policy trajectory. This decision reinforces the continuity of the tightening cycle, forcing capital to reevaluate the risk premium of asset portfolios. The volatile movement in gold prices reveals the intense struggle in the market between resisting high-interest-rate pressures and seeking safe-haven value.