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