Gold maintains gains after US interest rate cut

Gold prices stabilized on Thursday, after recording a high record in the previous session, as the Federal Reserve decided to significantly reduce interest rates. Gold stabilized at $2,562.85 per ounce, after rising to a record peak of $2,599.92 yesterday, Wednesday. US gold futures fell 0.4 percent to $2,587.40. The Federal Reserve began its monetary easing cycle yesterday with a larger-than-usual cut of half a percentage point. Federal Reserve Chairman Jerome Powell said that this aims to show policymakers' commitment to keeping the unemployment rate low after inflation declined. As for other precious metals, silver rose in spot transactions by 0.7 percent to $30.26 per ounce, platinum increased by 0.4 percent to $972.06, while palladium fell by 0.2 percent to $1,059.97. Source: Yemen News Agency