BASICS
* Spot gold was trading virtually unchanged at $2,558.00 an ounce at 0033 GMT. Bullion rose to a record high of $2,599.92 on Wednesday before closing lower.
* US Gold Futures fell 0.6% to $2,582.70.
* He US Dollar rose broadly, recovering from an earlier drop caused by the Federal ReserveThe decision to cut interest rates. A stronger dollar makes gold more expensive for holders of other currencies. * The Fed began a gradual easing of monetary policy on Wednesday with a half-percentage point rate cut, anticipating an additional half-point reduction by the end of the year.
* Following the decision to cut rates, Powell said he sees no sign of a recession or even an economic slowdown ahead.
* He said the central bank is in no rush to cut rates and will act as quickly or as slowly as it deems appropriate.
* Traders currently anticipate a 68% chance of a 25 basis point cut in November and a 32% chance of a 50 basis point cut, according to the CME Federal Reserve Watch tool.
* Zero-yield gold bullion tends to be a preferred investment in a lower interest rate environment and during geopolitical turmoil.
* Market attention is also focused on initial US jobless claims data, due out at 1230 GMT.
* On the geopolitical front, portable radios used by Hezbollah exploded in southern Lebanon on Wednesday, making it the deadliest day since fighting with Israel began nearly a year ago.
* Spot silver rose 0.5% to $30.20 an ounce, platinum rose 0.1% to $969.45 and palladium fell nearly 1% to $1,051.43.
DATA/EVENTS (GMT) 1100 UK BOE Bank Rate, September 1230 US Initial Unemployment Rate, September 14, weekend 1230 US Philly Fed Business Index, September 1400 US Existing Home Sales, August
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