Gold prices climb following Fed's rate cut

By Gokhan Ergocun

ISTANBUL (AA) — Gold prices, which eased following the US presidential election, bounced back after the US Federal Reserve's interest rate cut Thursday.

The Fed lowered its policy interest rate by 25 basis points in its second consecutive rate cut.

The ounce price of gold was around $2,705 as of 2100 GMT, up 1.72% on a daily basis.

Last week, it was over $2,740. But after the US presidential election on Tuesday, gold prices per ounce dropped to $2,650.

The price of silver per ounce rose by 2.58% on Thursday.