Gold hovered near record levels on Friday and was on track for a weekly gain after the U.S. Federal Reserve's recent oversized interest rate reduction and on signs that further cuts were on the horizon.

The Federal Reserve made a 0.50 percentage point cut, double the typical reduction. Here's what's behind the decision.

Republican presidential candidate Donald Trump said the Federal Reserve’s decision to lower its benchmark interest rate by a half percentage point was a “political move” and that a smaller cut would have been preferable.