New york: Gold prices extended losses on Thursday due to an uptick in the dollar after the US Federal Reserve cut interest rates by a quarter of a percentage point, as expected, and adopted a measured rhetoric on further policy easing. Spot gold was down 0.2% at $3,653.54 per ounce, after hitting a record high of $3,707.40 on Wednesday. US gold futures for December delivery slipped 0.8% to $3,688.10.

According to Qatar News Agency, gold prices have risen 39% so far this year, following 27% gains in 2024, helped by expectations for monetary easing by the US Federal Reserve, lingering geopolitical tensions, and strong central bank buying. Elsewhere, spot silver eased 0.3% to $41.55 per ounce, platinum gained 0.3% to $1,367.60, and palladium rose 0.4% to $1,158.94.