Gold prices continued their record gains during trading on Thursday, March 7, supported by investors’ bets on interest rates.
The yellow metal received support from the decline in the US dollar after Federal Reserve Chairman Jerome Powell indicated an interest rate cut later this year.
In his testimony before the US House of Representatives, the Federal Reserve Chairman said that he would not rush to cut interest rates until monetary policymakers were convinced that they had won their battle over inflation.
He added: It would be appropriate to start cutting borrowing costs sometime this year, but monetary policymakers are not ready yet.
In terms of trading, gold futures rose 0.3% to $2,165.80 per ounce, after reaching $2,169 per ounce earlier in trading.
