Gold hits all-time high of $2,600 after US Fed cuts interest rates

Gold prices hit lifetime high on Thursday after the US Federal Reserve announced its first interest rate cut since the early days of the 2020 pandemic. Spot Gold jumped around 1% to hit $2,600 per ounce for the first time ever. The US Fed has slashed interest rates by 50 bps from the 23-year high of 5.25%-5.50%.