Spot gold eased 0.3% to $1,839.21 per ounce by 0042 GMT. Prices fell to their lowest since Jan. 18 at $1,830.80 on Wednesday. U.S. gold futures shed 0.5% to $1,835.90.
The dollar hit a more than one-week high against rival currencies in the previous session. A stronger dollar makes gold more expensive for holders of other currencies.
The Fed on Wednesday left its key overnight interest rate near zero and made no change to its monthly bond purchases, pledging again to keep those economic pillars in place until there is a full rebound from the pandemic-triggered recession.
Some U.S. states are starting to ease public health restrictions as severe COVID-19 infections are beginning to abate in many parts of the country even as the death toll mounts.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , fell 0.3% to 1,169.17 tonnes on Wednesday.
Analysts and traders have downgraded their forecasts for gold but still expect prices to recover from current levels and many see it achieving record highs this year.
Silver lost 0.2% to $25.18 an ounce, platinum fell 0.2% to $1,063.76, and palladium was flat at $2,304.81.
Platinum will burst from a decade-long stagnation this year as demand from investors and auto makers delivers the biggest annual average price rise since 2010, a Reuters poll showed.
DATA/EVENTS AHEAD (GMT)
1000 EU Consumer Confidence Final Jan
1100 Brazil IGP-M Inflation Index Jan
1300 Germany CPI, HICP Prelim YY Jan
1330 US GDP Advance Q4
1330 US Initial Jobless Claim weekly
1500 US New Home Sales – units Dec
2350 Japan Bank of Japan to release summary of opinions from board members at its Jan. 20-21 policy meeting