After Fed's rate cut, gold price hit record level

ISTANBUL

Following the US Fed's more-than-expected rate cut on Thursday, gold price saw historical high levels on Friday.

The ounce price of gold was at $2,607 level as of 0750GMT, gaining around 1% in value day-on-day.

The Fed cut the interest rate by 50 basis points on Thursday, around double of market expectations.

Silver price per ounce also increased by around 1.3% on Friday versus Thursday to $31.18.