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

-- Gold jumped to a record above $2,200 an ounce after the Federal Reserve maintained its outlook for three rate cuts this year, suggesting it isn’t alarmed by a recent uptick in inflation.Justice Department to Sue Apple for Antitrust Violations as Soon as ThursdayBullion rose as much as 1.6% to $2,220.89 an ounce in early trading, before paring some of those gains.

On the geopolitical front, there are a number of risks boosting gold’s allure as a haven asset. Russia appears to be gaining the upper hand in its war in Ukraine, the Israel-Hamas conflict continues unabated and has led to a re-routing of global shipping, while the US presidential election at the end of the year could prove massively consequential for markets.Chinese buying has also underpinned prices.

"There are significant market implications arising from the stark contrast in the policies promulgated by the two candidates for president," UBS said.NEW YORK — The chief executive of the cryptocurrency company Sam Bankman-Fried founded attacked the onetime crypto power player on Wednesday in a letter to a federal judge scheduled to sentence him next week, saying his claim that customers, lenders and investors were not harmed was callously false and he was living a “life of delusion.

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