PRECIOUS METALS - Gold rises to record high after U.S. Fed delivers 50 bps rate cut
Istanbul, September 18 (Hibya) - Gold prices rose to an all-time high on Wednesday after the U.S. Federal Reserve cut interest rates by 50 basis points, lowering the dollar.
Spot gold was up 0.9 percent at 2,592.39 dollars per ounce. U.S. gold futures settled 0.2 percent higher at 2,598.60 dollars.
The U.S. central bank kicked off what is expected to be a steady easing of monetary policy on Wednesday with a half-percentage-point cut.
Following the Fed’s cut, the dollar fell 0.5 percent against its rivals, to its lowest level since July 2023.
Investors now look forward to comments from Chair Jerome Powell at 1830 GMT for more cues on policy path.
Meanwhile, spot silver rose 0.6 percent to 30.93 dollars per ounce after hitting a two-month high on Monday.
Platinum was steady at 981.10 dollars per ounce. Palladium was down 3.2 percent at 1,081.00 dollars.
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