Gold maintains gain after Fed interest rate cut

Gold bars

Gold prices rose on Friday, maintaining their gains after the Federal Reserve cut interest rates 25 basis points on Thursday.

Gold spot prices edged up 0.1% to $2,708.89 per ounce at 00:24 GMT, but declined nearly 1% since the beginning of the week.

Gold futures increased by 0.4% to $2,716.4 per ounce.

The FOMC reduced its federal-funds rate target range to 4.50% to 4.75%, in line with market consensus estimates for a 25-basis point (bps) rate cut.

Gold prices rose by more than 1% in the previous session, recovering losses incurred after Donald Trump won the US presidential race.

Spot silver went down 0.1% to $31.98, and platinum prices lost 0.3% to $1,000.35.

Palladium remained steady at $1,024.40.