Spot gold was steady at $2,655.04 an ounce by 0848 GMT, having earlier hit an all-time high of $2,670.43.
U.S. gold futures rose 0.1 percent to $2,679.30 an ounce.
The US Federal Reserve reduced Interest rates By 50 basis points at the latest monetary policy meeting. Traders are 58 percent likely to cut rates by another 50 basis points next month.
Lower interest rates make non-yielding gold more attractive.
A weaker dollar and U.S. Treasury yields have boosted investor demand for gold, ANZ commodities analyst Daniel Hinz said in a note.
Investors will be awaiting Powell’s comments on Thursday and the release of the US personal consumption expenditures price index on Friday for further clues on the Fed’s next policy meeting.
Among other precious metals, spot silver fell 1 percent to $31.81 an ounce, platinum fell 0.1 percent to $984.50, and palladium lost 1.5 percent to $1,040.44.
