As of 5:10 PM ET, gold futures for the most active June contract traded lower by -$1.40, settling at $2,309.60. The session saw prices range from a low of $2,294.30 to a high of $2,336.10.
"The Fed's official statement did acknowledge a 'lack of further progress' in inflation reduction in recent months. Powell expressed the strong belief that current monetary policy is sufficiently restrictive to return inflation to the Fed's 2% target eventually... therefore, it's unlikely the next policy move will be a hike," said Preston Caldwell, chief U.S. economist at Morningstar.
The Labor Department reported that unemployment claims for the week ending April 27 remained unchanged at 208,000, reflecting the continued tightness in the job market. However, there are signs of potential softening, with the government reporting 8.5 million job openings in March, the lowest number of vacancies in three years.
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