The Federal Reserve delivered the anticipated 25 basis point rate reduction at its latest policy meeting, yet Federal Reserve Chairman Jerome Powell's subsequent commentary introduced an element of caution that reverberated through commodity markets.

Gold prices continued their recent pullback as market participants awaited the conclusion of the Federal Open Market Committee meeting, which is scheduled to end tomorrow.

Gold prices fell sharply below the psychologically significant $4,000-per-ounce threshold as diminished safe-haven demand followed positive developments in US-China trade negotiations.