Gold Hits New Record After Fed Maintains Rate-Cut Plan

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 0.8%. Gold has rallied about 10% since mid-February as the outlook for looser US monetary policy triggered fresh investor bets on bullion.