Gold holds near record high after Fed rate cut

[stack of shiny gold bars 3d illustration]
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Gold prices swung before settling little changed Wednesday after the Federal Reserve cut rates by a quarter point and signaled two more reductions this year, citing labor market weakness even as inflation remains elevated. Spot gold last traded at $3,687.86 an ounce in New York, after briefly touching a record $3,707.57.

Lower borrowing costs typically support bullion, which has already surged about 40% in 2025, driven by central bank buying, ETF inflows and geopolitical uncertainty. The metal has outperformed equities this year, surpassing its 1980 inflation-adjusted peak earlier in the month.

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