Gold prices tumbled to a one month low and are lingering around the levels on Thursday morning in Asia as dollar firmed up in reaction to FOMC. The Federal Reserve announced its widely expected decision to lower interest rates by a quarter point but forecast fewer than previously estimated rate cuts next year. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 4.25 to 4.50 percent. The latest projections suggest rates will be in a range of 3.75 to 4.0 percent by the end of 2025 compared to the range of 3.25 to 3.50 percent forecast in September. The hawkish outlook lifted greenback and added pressure on the yellow metal. Currently, the counter is quoting at $2624.50 an ounce, down over 1% on the day.

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