PRECIOUS-Gold sprints to record high as Fed sticks to 2024 rate cut view

* Gold hits all-time high of $2,222.39/oz * Dollar slips to one-week low after Fed verdict * Fed stands pat on rates and view on 2024 cuts (Updates prices) By Brijesh Patel March 21 (Reuters) - Gold prices climbed to a record high on Thursday as the U.S. dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year. Spot gold XAU= was up 1% at $2,208.30 per ounce, as of 0725 GMT, after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures GCcv1 jumped 2.3% to $2,211. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. The Fed held interest rates steady on Wednesday, but policymakers indicated they still expected to cut them by three quarters of a percentage point by end-2024. Fed Chair Powell said recent high inflation rate readings had not changed the underlying "story" of slowly easing U.S. price pressures. "It's the goldilocks scenario for gold prices, where marginally higher inflation expectations meet lower nominal rates to create decreased real yields," said Kyle Rodda, a financial market analyst at Capital.com. "A dovish Fed, a little squeeze on existing shorts, and a touch of momentum chasing have boosted bullishness in the gold market." Fed funds futures traders are now pricing in a 75% probability that the central bank will begin cutting rates in June, up from 59% on Tuesday, according to the CME Group's FedWatch Tool. "With Powell keeping three potential rate cuts in play this year, bond yields and the USD dipped, which opened a pathway higher for the gold price," Tim Waterer, chief market analyst at KCM Trade, said in a note. The dollar =USD slipped to a one-week low against rivals, while benchmark U.S. 10-year Treasury yields US10YT=RR also dipped. USD/ US/ Spot gold may retest resistance at $2,222 per ounce, a break above which could lead to a gain into the $2,228-$2,234 range, according to Reuters' technical analyst Wang Tao. TECH/C Spot silver XAG= gained 0.4% to $25.72 per ounce, platinum XPT= rose 0.6% to $912.50 and palladium XPD= climbed 1% to $1,031.55. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Gold record high https://tmsnrt.rs/3VoNsFF xau https://tmsnrt.rs/4coAZIg ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Sonia Cheema) (([email protected]; Within U.S. +1 651 848 5832, Outside U.S. +91 9590227221; Reuters Messaging: [email protected]))