Gold falls for the lowest price in a week after the Fed Chairman's remarks
Gold fell on Thursday to its lowest level in just over a week after comments by Federal Reserve Chairman Jerome Powell shattered hopes of a rate cut soon, boosting the dollar and Treasury yields.
At 0610 GMT, the spot price of gold was down 0.3 percent at $ 1272.01 an ounce, after falling to $ 1270.76, its lowest level since April 24, earlier in the session.
US gold futures fell 0.9 percent to $ 1273.20 an ounce.
The Fed kept interest rates unchanged on Wednesday, but stressed it did not expect an adjustment in the near future.
"We know the Fed will stop for a while, but the market was taking a larger mileage into monetary easing toward the end of 2019," said Stephen Ines, director of trading and market strategy at SBI Asset Management.
Powell's view of inflation eased the dollar from its stalemate on Wednesday and raised US Treasury yields.
On other precious metals, silver fell 0.2 percent to $ 14.64 an ounce, remaining close to a four-month low of $ 14.57 on Wednesday, while platinum fell 0.2 percent to $ 862.15 after touching $ 853, Month.
Palladium fell 0.8 percent to $ 1344.15, having hit its lowest level since January 25 at $ 1309.67 in the previous session.