Gold prices surpass $2,200 for first time ever

Gold prices jumped today, March 21, above $2,200 for the first time ever after the Federal Reserve kept interest rates unchanged and maintained its view for the number of cuts at three.

Fed Chair Jerome Powell said that officials want to see more evidence that inflation is coming down toward the central bank’s 2% target before starting to cut rates.

The yellow metal for June delivery rose 2.24%, or $48.9, to $2,231.3 per ounce at 9:52 am Makkah Time.

The spot price edged up 0.98%, or $21.34, to $2,207.73 per ounce. Silver jumped 3.03% to $25.87. Spot platinum gained 0.64% to $915.58.

Gold has jumped about 11% since mid-February amid geopolitical risks.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.20% to 103.23 points.