Ammon News - Gold prices retreated on Wednesday from an all-time high hit in the previous session, as Federal Reserve Chair Jerome Powell's hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.S. inflation report.

Spot gold fell 0.4% to $2,885.53 per ounce by 0504 GMT. Bullion climbed to a record high of $2,942.70 on Tuesday. U.S. gold futures eased 0.8% to $2,910.70.

Spot silver eased 0.2% to $31.83 per ounce, platinum lost 0.5% to $978.06 and palladium fell 0.2% to $973.54. Reuters