Ammon News - Gold prices extended losses on Thursday as the dollar firmed after the U.S. Federal Reserve cut interest rates by an expected quarter of a percentage point and adopted a measured rhetoric on further policy easing.

Spot gold dipped 0.6% to $3,637.41 per ounce, as of 0636 GMT, after hitting a record high of $3,707.40 on Wednesday.

U.S. gold futures for December delivery slipped 1.2% to $3,671.30.
"The general message from the Fed was slightly to the hawkish side on interest rates, they didn't really enthusiastically endorse lower rates," said Marex analyst Edward Meir.

"As a result, we saw the dollar firm up after the Fed meeting and the Treasury rates also moved higher... I think over the short term, we are probably a little bit overbought here and we could retrace a bit further maybe to the $3,600 mark."

The dollar rose 0.4% to extend gains against its rivals, making gold more expensive for other currency holders.

The Fed reduced rates by 25 basis points on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year.

Elsewhere, spot silver fell 0.6% to $41.40 per ounce, platinum gained 0.5% to $1,371.60 and palladium eased 0.2% to $1,152.24.

Reuters