Gold prices fell sharply to hit two-week lows on Thursday after Fed Chair Jerome Powell talked tough on inflation and poured cold water on any hopes of a December Fed pivot.
Spot gold dipped 0.8 percent to $1,622.09 per ounce, while U.S. gold futures were down 1.60 percent at $1,623.60.
The dollar rallied against its major peers and U.S. Treasury yields climbed after the Federal Reserve raised rates by 75 basis points, as widely expected, and signaled more increases ahead saying the Committee will consider the cumulative tightening of monetary policy while determining the pace of future increases.
Observers characterized Fed chair Jerome Powell's comments at the press conference as more hawkish than expected.
Powell warned that thoughts about a potential pause would be "very premature", and that the Fed hasn't "overtightened" yet as the battle against inflation would require borrowing costs to rise further.
Meanwhile, the Bank of England is scheduled to announce its monetary policy decision at 8.00 AM ET.
Markets widely expect the BoE to raise the Bank Rate to 3.00 percent from 2.25 percent. This would be the biggest hike since 1989.
The monetary policy committee's economic analysis and inflation projections are also due.
