Gold price hits fresh record after US Fed rate cut

Gold soared to a record high on Wednesday after the U.S. Federal Reserve cut interest rates by a quarter of a percentage point at its policy meeting.

Spot gold gained 0.4% to $3,707.40 per ounce by 2:09 p.m. EDT, while U.S. gold futures for December delivery settled 0.2% lower at $3,717.8.