WASHINGTON (dpa-AFX) - Gold prices were moving lower in European trade on Thursday as investors weighed the higher-for-longer Fed rate outlook.
Spot gold dipped half a percent to $2,313.90 per ounce while U.S. gold futures were down 1.1 percent at $2,329.30.
After leaving rates on hold for the seventh consecutive meeting, Fed Chair Jerome Powell acknowledged on Wednesday that inflation has eased substantially in recent months but remains too high.
The latest projections showed officials expect only one interest rate cut this year compared to the three forecast in March.
The accompanying dot plot indicated that more participants expect to cut twice than once, but no one expects to cut more than twice, while four don't expect to cut at all this year.
Markets await more U.S. economic data for directional cues, with reports on producer prices and weekly jobless claims due later in the day.
Elsewhere in Europe, European Central Bank Governing Council member Joachim Nagel warned that consumer price growth in the euro zone is proving stubborn and that he and his colleagues won't simply lower borrowing costs automatically.
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