The European Central Bank has cut its headline interest rate by a quarter of a point to 3.25% following a fall in eurozone inflation below its 2% target.
Inflation in the eurozone eased to 1.7% in September, prompting ECB policymakers to respond with a rate cut amid pressures to adjust monetary policy.
The ECB's rate reduction marks its third cut this year, positioning it ahead of the Bank of England, which is expected to lower its rates next month.
Gold prices surged to a record high of $2,688.82 per ounce prior to the ECB's announcement, driven by global expectations of interest rate reductions and election uncertainties.
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