Precious metals gain on US rate cut

Precious metals prices were higher in New York on Wednesday, a day after the Federal Reserve cut US interest rates by 0.5 percent.

The gains came as investors speculated that the rate cut would weaken the US dollar and make metals a more attractive investment.

December gold added $5.80 to $729.50 per troy ounce, while December silver was 18 cents higher to $13.11 per troy ounce.

October platinum was up $1.80 to $1,308.50 per troy ounce on hopes that lower interest rates will help the economy and push up demand from automakers and jewelers.

December palladium was also higher, climbing 80 cents to $336.50 per troy ounce.