Gold miners gain after US Fed cuts rates

** Shares of gold miners up after U.S. Federal Reserve cut interest rates by a quarter of a percentage point and indicated it will steadily lower borrowing costs for the rest of this year

** Spot gold XAU= hits record high of $3,707.40/ounce following Fed's announcement; last down marginally

** Gold often gains appeal when interest rates fall, as lower yields reduce the opportunity cost of holding the non-yielding asset

** Top miners Newmont NEM.N up marginally and Barrick Mining ABX.TO up 3%

** U.S.-listed shares of South African miners Gold Fields GFI.N up 1.2%, Harmony Gold HMY.N and Sibanye Stillwater SBSW.N each up ~2%

** Canadian miner Agnico Eagle Mines AEM.TO up marginally