COMEX gold slips under $3700 mark as dollar rebounded following Federal Reserve's widely expected decision of a 25 bps rate cut. Fed reduced the federal funds rate ' what banks charge each other for short-term loans ' to between 4% and 4.25%, down from its prior range of 4.25% to 4.5%. A cautionary appearance from Fed Chair Jerome Powell bolstered the US Dollar. In considering additional adjustments to the target range for the federal funds rate, the Committee said it will carefully assess incoming data, the evolving outlook, and the balance of risks. However, Fed's Summary of Economic Projections (SEP) indicated that Fed policymakers foresee more rate adjustments in the near future. The dot plot suggests that most policymakers anticipate interest rates will reach about 3.5-3.75% by the end of the year, with the possibility of two more rate cuts through December. COMEX gold futures are currently seen quoting at $3695.70 an ounce, down 0.6% on the day. The yellow metal risen nearly 40% so far this year.

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