AP: Gold prices edge higher as Federal Reserve cuts key interest rate to lowest level on record
NEW YORK (AP) - Gold prices edged higher Tuesday as the dollar sank against major currencies after the Federal Reserve cut its key interest rate to the lowest level on record.
Other commodities were mixed.
The Federal Reserve on Tuesday set its target for the rate at which banks lend to each other to a range of zero to 0.25 percent. This is down from the 1 percent target rate set by the Fed at its previous meeting in October, and was a steeper cut than analysts had expected. The central bank also said it will use "all available tools" to jump-start the economy.
