Gold held steady on Thursday as the U.S. Federal Reserve agreed to lower borrowing costs by a quarter-percentage point but paused further rate reduction, while silver hit another new high.

Spot gold rose 0.1% to $4,233.39 per ounce at 10:05 a.m. ET (1505 GMT), while February U.S. gold futures rose 0.1% to $4,262.60.

As they monitor labor market indicators and inflation that “remains somewhat elevated.” the Federal Reserve dropped rates for the third straight quarter-point on Wednesday, although officials suggested a potential halt.

Silver was last up 1.5% to $62.66, near a record high of $62.98.
“Around $63 is the first resistance level… Retracement plus upside would put silver just shy of $68 “

On Wednesday, India’s pension regulator allowed pension funds to invest in gold and silver ETFs.
Platinum rose 0.1% to $1,671.56, while palladium dipped 0.2% to $1,473.55.