Gold prices fell in Asian trade on Thursday as traders digested a mostly dovish outlook from the Federal Reserve, while silver prices retreated after marking a fresh record high earlier in the day.

Broader metal prices were also a mixed bag, after the Fed cut interest rates as expected and flagged a higher bar for future rate cuts. But the central bank also outlined plans to increase its asset buying operations, sending a dovish signal to markets.

Gold and other precious metals were hit with some profit-taking after logging strong gains in the run-up to Wednesday’s Fed meeting.

Spot gold fell 0.5% to $4,207.49 an ounce, while gold futures for March rose 0.3% to $4,235.50/oz by 00:39 ET (05:39 GMT).

Silver dips from fresh record high

Spot silver fell slightly to $61.8095/oz, after hitting a record high of $62.8895/oz earlier in the session.

The white metal had rallied over the past week on growing expectations of tighter supplies and improving demand in the coming year. Traders also bought into the metal’s safe haven appeal, which is comparable to gold but at a much lower price point.

Silver prices more than doubled so far in 2025, outpacing gold amid renewed optimism over the white metal’s prospects. Its designation as a critical mineral by the U.S. government also boosted silver’s appeal.

Gold pulls back after Fed rate cut

Gold and broader metal prices moved in a flat-to-low range on Thursday, giving up some recent gains after the Fed’s decision on Wednesday.

The central bank cut interest rates by a widely expected 25 basis points, with Chair Jerome Powell signalling a higher bar for future rate cuts.

But in a move widely viewed as dovish by markets, the Fed said it will resume buying Treasury bills to increase market liquidity, at an initial pace of $40 billion per month.

The Fed’s asset buying operation, termed by many as “quantitative easing,” is expected to increase market liquidity in the coming months, and points to a dovish outlook for monetary policy. Treasury yields fell after the Fed’s announcement.

“Overall, the decision did not come as “hawkish” as some market participants had worried about. In consideration of the updated economic projections, Powell’s comments on the neutral rate, and the unchanged median dots, we maintain our base-case for one 25bp cut in 2026,” analysts at OCBC wrote in a note.

Gold had largely risen in the run-up to the Fed’s meeting, as had other metal prices. They faced some profit-taking after the central bank’s decision.

Spot platinum rose 0.2% to $1,661.18/oz after logging some overnight losses. Among industrial metals, benchmark copper futures on the London Metal Exchange rose 0.4% to $11,608.45 a ton.