Commodities
Gold Retreats After Topping $2,200 an Ounce for the First Time
- Fed maintained forecast for rate cuts despite faster inflation
- Bullion has rallied about 10% since the middle of February
A processed gold bar tested at a gold exchange house in Pocone, Mato Grosso state, Brazil.
Photographer: Arthur Menescal/BloombergThis article is for subscribers only.
Gold retreated after surging above $2,200 an ounce for the first time on conviction that the Federal Reserve will cut interest rates this year.
The precious metal rose as much as 1.6% to a record $2,220.89 in early trading before erasing gains to drop as much as 0.9%. Gold has rallied nearly 10% since mid-February as the outlook for looser US monetary policy triggered fresh investor bets on bullion.