Spot gold prices hit 2,222 per ounce on Thursday.A record high of $91 after the dollar and Treasury yields slipped and the Fed hinted at three rate cuts before the end of the year。

The Fed kept the target range for the federal funds rate at 5 at its fifth policy meeting in March..25% to 5.23-year high of 50%, in line with market expectations。

However, Fed policymakers have hinted that they expect to cut interest rates three times by 25 basis points by the end of the year.。

Fed Chair Jerome Powell said the latest high inflation data did not change the underlying "story" of gradually easing price pressures.。

Capital.Com's financial market analyst Kyle Rhoda said: "This is the 'Goldilocks' scenario for gold prices, where a small increase in inflation expectations meets a lower nominal interest rate, leading to a decline in real yields.。"

Rhoda added: "The Fed's dovish attitude, a little squeeze on existing shorts, and a hint of momentum chasing have all boosted bullish sentiment in the gold market.。"

According to the Chicago Mercantile Exchange's FedWatch tool, the market now expects a roughly 75 percent chance of a Fed rate cut in June, up from 59 percent on Tuesday。

Lowering interest rates reduces the opportunity cost of holding gold because gold does not pay interest。

Meanwhile, the Fed's 2024 PCE inflation forecast remains at 2.4% unchanged, but the 2025 forecast is from 2 in December last year..1% up to 2.2%。The Fed's core PCE inflation forecast for this year also increased from 2 in December last year..4% up to 2.6%。

Spot gold up 1 as of Thursday 7: 42 GMT.00%, at 2,208 troy ounces.32 美元。