Policy makers voted, with two officials dissenting, to lower the target range for the benchmark rate by a quarter-percentage point to 2%-2.25%, delivering the first cut in over a decade. The shift was predicted by most investors and economists.

Powell, speaking at a press conference, said that the U.S. economy has shown resilience in recent weeks, and that the Fed’s move isn’t the start of a long series of rate reductions. He also said Wednesday’s rate decision was “intended to insure against downside risks” after weak global growth, trade policy uncertainty and muted inflation prompted a reassessment by the Fed.

Gold had benefited in recent months as central banks signaled easier monetary policy, with the metal touching a six-year high in July. Analysts and traders had been looking for affirmation from Powell that more cuts were in store to justify the run-up.

“Gold is not liking the fact of that one comment by him — that this is not the start of a long-term cycle of cuts,” Bob Haberkorn, senior market strategist at RJO Futures in Chicago, said by phone.

Bullion for immediate delivery slipped 0.9% to $1,418.11 an ounce at 3:06 p.m. in New York.