It was the second rate cut this year, the first reductions since 2008.

However US president Donald Trump described the result as a "fail again", having pushed for more aggressive cuts.

Gold has dropped below US$1,500 an ounce on the spot market and was trading about $1,491/oz earlier.

Markets closed mixed yesterday while looking ahead, most North American futures were lower but European and Asian futures were looking positive.

Metals and mining stocks were collectively lower in Australian morning trade and gold equities on the S&P/ASX200 were down 2.3%.

Metals and mining stocks had finished down 1.9% in Toronto yesterday, with the gold sector off 1.6% and the diversifieds down 4%.

Ivanhoe Mines (TSX: IVN) finished 4.5% lower and copper miner First Quantum Minerals (TSX: FM) was close behind, losing 4.2%.

Finally, junior Pan Global Resources (TSXV: PGZ) jumped 81.8% yesterday as it prepares to drill an "attractive" target in Spain.