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Gold surges above US$2,200 on Powell’s dovish stance

Gold surges above US,200 on Powell’s dovish stance
Gold surges above US$2,200 on Powell’s dovish stance 5
Gold surges above US,200 on Powell’s dovish stance
Gold’s potential gains grow with anticipated US interest rate cuts, as bullion-backed ETFs are poised to expand their holdings. (Pexels pic)

HONG KONG: Gold jumped above US$2,200 an ounce for the first time after the Federal Reserve maintained its outlook for three rate cuts this year, suggesting it isn’t alarmed by a recent uptick in inflation.

Bullion advanced to a record in early trading, before paring gains. It’s surged since mid-February, underpinned by long-standing supports including heightened geopolitical risks and buying by central banks, led by China. The rapid ascent has surprised many seasoned market observers, however, as there hasn’t been a clear catalyst.