The U.S. dollar trimmed its decline versus major rivals after the Federal Reserve delivered a widely expected quarter-point rate cut on Thursday. The ICE U.S. Dollar Index, a measure of the currency against a basket of six major rivals,

The US Dollar Index (DXY) dipped marginally following the Fed's 25 basis point interest rate cut, currently trading around 104.50. The statement highlighted the Fed's continued commitment to balancing its dual mandate of price stability and maximum employment.

Gold edged higher in the early Asian session, supported by the Fed’s rate cut overnight, which increases the appeal of the non-interest-bearing precious metal.

Gold prices rose on Thursday but traded near a three-week low, as market participants awaited an expected rate cut decision by the U.S. Federal Reserve later in the day. Spot gold gained 0.3% to $2,667.