Gold Jumps Above $2,200 an Ounce for First Time on Dovish Powell.

POWELL, Jerome H., 1953-; BOARD of Governors of the Federal Reserve System (U.S.); GOLD; U.S. dollar; GOLD coins

Gold prices have surged above $2,200 an ounce for the first time, following the Federal Reserve's decision to maintain its outlook for three rate cuts this year. The increase in gold prices is attributed to expectations of looser monetary policy in the US and concerns over geopolitical risks. Chinese buying, both by the central bank and regular citizens, has also contributed to the rise in gold prices. The metal is expected to benefit further when US interest rates decrease, as bullion-backed exchange traded funds are likely to increase their holdings. [Extracted from the article]

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