Gold prices stabilized Thursday after hitting a record high in the previous session after the Federal Reserve decided to cut interest rates significantly. Spot gold was little changed at $2,562.85 per ounce, after scaling a record high of $2,599.92 on Wednesday. US gold futures fell 0.4% to $2,587.40. The Federal Reserve began its easing cycle Wednesday with a larger-than-usual half-percentage-point reduction that Federal Reserve Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased. Among other precious metals, spot silver rose 0.7% to $30.26 per ounce, platinum was up by 0.4% to $972.06, and palladium shed 0.2% to $1,059.97. Source: Qatar News Agency
Related Articles
Dollar Firm Amid Geopolitical Tensions in Middle East
The dollar held its sharpest gain in a week on Wednesday, amid concerns over the situation in the Middle East.
The US dollar index rose about 0.5% overnight to 101.2, its largest rise since Sept. 25.
Early Asia moves were slight, leaving the euro be…
Kuwait, UAE’s Fujairah sign gravel-exporting MoU
Kuwait’s Ministry of Public Works and the Fujairah Natural Resources Corporation signed on Wednesday a Memorandum of Understanding (MoU) to export standard specification gravel from the UAE to Kuwait.
Post MoU-signing with Fujairah Corporation Direc…
Industry Minister issues decisions regarding boycott Swedish goods and companies
The Minister of Industry and Trade, Muhammad Sharaf al-Mutahhar, issued decisions regarding a boycott of Swedish goods and companies; In response to the directives of the revolution leader, Sayyed Abdulmalik Badr al-Din al-Houthi; and in defense of the…