Gold slipped from a fresh record high as the dollar rebounded after the Federal Reserve delivered an expected rate cut following months of intense pressure from the White House to slash borrowing costs.
In his post-meeting press conference, Fed Chair Jerome Powell pointed to growing signs of weakness in the labor market and acknowledged that the risk to persistent inflation should be managed. His remarks were less dovish than his speech last month at the Jackson Hole symposium, which helped to boost expectations for rate cuts.