"Gold surges as lawmakers urge Fed to halt rate hikes"

Gold prices rose above $2,000 an ounce on Tuesday, ahead of the Federal Reserve's decision on interest rates. Analysts suggest that gold's move higher depends on Fed Chair Jerome Powell's messaging and what he says about the state of the banking sector. Recent macro data shows sufficient signs of cooling to warrant a pause in the fastest rate-raising cycle in 40 years. The Fed is expected to raise rates by 25 basis points, but gold is looking past this May rate hike. The messaging from the Fed will determine whether there is another run to record highs of around $2,070 an ounce.