Gold prices inched lower on Thursday as the Federal Reserve forecast two more U.S. rate increases this year after raising rates on Wednesday, although lingering worries over trade tensions between Washington and Beijing prevented steeper losses.
Spot gold was down 0.1 percent to $1,298.61 per ounce at 0047 GMT. It touched an over one-week low at $1,292.15 an ounce in the previous session. U.S. gold futures for August delivery rose 0.1 percent to $1,302.60 per ounce.
The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the U.S. central bank's shift from policies used to battle the 2007-2009 financial crisis and recession. The central bank saw two more rate hikes in 2018 for a total of four and three increases in 2019.