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Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum.

Gold prices climbed over 1% on Thursday after hitting a record high in the previous session, as the U.S. Federal Reserve embarked on its rate easing cycle.

Spot gold rose 1.1% to $2,586.37 per ounce, while U.S. gold futures rose 0.5% to $2,611.50. Spot gold had scaled an all-time high of $2,599.92 on Wednesday.

The Fed kicked off an anticipated series of interest rate cuts with a larger-than-usual half-percentage-point reduction, in a move meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.

In addition, Fed policymakers projected the benchmark interest rate would fall by another half of a percentage point by the end of this year, a full percentage point next year, and half of a percentage point in 2026.

"The prospect of further rate cuts makes gold attractive and new record prices cannot be ruled out," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

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