COMEX gold slipped to a one-week low on Thursday morning in Asia as dollar firmed after Federal Reserve's decision to keep the policy rate unchanged at the 4.25%'4.50% range at its June meeting on Wednesday. Fed Chair Jerome Powell signaled, in a post-meeting press conference, that inflation remains somewhat above goal and could rise in the future, citing the impact of US President Donald Trump's tariffs. Meanwhile, the greenback also draws support from safe haven demand amid heightened Middle East tensions. The yellow metal is seen extending decline all through the week and currently quoting at $3389.90 an ounce, down over half a percent on the day. On the MCX, gold futures continue to drift further below recently achieved 1 lakh mark.
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