The price of gold stabilized after three days of gains, supported by expectations for further monetary easing in the United States after interest rate cuts this week. Silver traded near a record high. The precious metal approached $4,270 an ounce, after rising 1.2% on Thursday. Federal Reserve policymakers left the door open for further cuts in interest rates next year after cutting the cost of borrowing on Wednesday. Swaps traders are betting on two cuts in 2026, even though the US Federal Reserve indicates only one cut. The low interest rate environment provides support for precious metals including gold and silver, as they do not pay interest. To boost support for the precious metal, the Federal Reserve will begin buying short-term Treasury bonds worth $40 billion a month on Friday, as part of its effort to rebuild reserves in the financial system. An exceptional year for gold and silver. Gold has rallied more than 60% this year, while silver prices have doubled, with both metals on track for their best annual performance since 1979. These sharp gains were driven by increased central bank purchases and a decline in investor appetite for government bonds and currencies. According to the World Gold Council, holdings of gold-backed ETFs rose in every month this year except May. Also read: Warning of big losses for silver investors after metal price jumps. At the same time, silver has received support in recent weeks from high demand, in addition to scarcity of supplies and imbalances in major trading centers. The white metal hit a record high of $64.3120 an ounce on Thursday. Gold was down 0.3% to $4,267.52 an ounce by 12:48 p.m. in Singapore. Silver fell 0.1% to $63.4690. While platinum fell slightly, palladium rose. The Bloomberg Dollar Index remained stable after closing the previous session up 0.3%. (Prices have been updated to reflect market movements)