Gold prices rise after US Fed Rate cut

London: Gold prices inched higher on Friday, extending gains spurred by the US Federal Reserve s widely anticipated quarter point rate cut. Spot go...

London: Gold prices inched higher on Friday, extending gains spurred by the US Federal Reserve's widely anticipated quarter-point rate cut.

Spot gold rose 0.1% to $2,708.89 per ounce, but was down nearly 1% for the week so far.

US gold futures gained 0.4% to $2,716.4.

At the end of its two-day policy meeting on Thursday, the US central bank lowered the benchmark overnight interest rate by 25 basis points, to a target range of 4.50%-4.75%, its lowest level since March 2023.

Spot silver fell 0.1% to $31.98 per ounce, platinum gained 0.3% to $1,000.35 and palladium was flat at $1,024.40.