London, September 18 (QNA) – Gold prices fell Thursday due to profit-taking after hitting a record high in the previous session, as markets assess the Federal Reserve’s stance on further interest rate cuts.

Spot gold fell 0.6 percent to $3,638.33 per ounce.

US gold futures for December delivery also fell 1.3 percent to $3,670.40.

Trading was volatile in the previous session, with spot prices briefly touching a record high of $3,707.40 before retreating.

The Federal Reserve cut interest rates by 25 basis points on Wednesday and indicated it would steadily lower borrowing costs for the rest of the year.

As for other precious metals, spot silver fell 0.3 percent to $41.51 per ounce, platinum rose 0.9 percent to $1,376, and palladium fell 1.1 percent to $1,141.82. (QNA)