By Polya Lesova
NEW YORK (MarketWatch) — Gold futures gained in electronic trading Wednesday after the Federal Reserve cut its fed funds rate by 25 basis points to 2%, meeting Wall Street’s expectations. Gold for June delivery was last up $6.40 at $871.50 an ounce on the New York Mercantile Exchange. The rate cut brought the Fed’s target for overnight interest rates to the lowest level since December 2004. The FOMC emphasized higher inflationary pressures and downplayed risks to growth, a signal that the committee may leave rates steady at the next meeting. Before the announcement, gold futures finished regular trading at $865.10, down $11.70.
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