Spot gold and silver climbed on Wednesday after the United States Federal Reserve cut rates for the first time since March 2020.
The central bank took a more aggressive approach, lowering rates by 50 basis points to a target range of 4.75% and 5%. Gold, which is seen as a safe-haven asset, tends to gain value in low-interest rate environments. It has recently been pushed to records by global political uncertainties amid rising tensions in the Middle East.
The yellow metal rose 0.84% to $2,591.45 per ounce at 2:10 pm ET, hitting a new all-time high, and silver gained 0.78% to sell for $30.94 per ounce a minute later.
