Gold prices ended in the green today, March 6, as markets absorbed Federal Reserve Chairman Jerome Powell's first day of semi-annual testimony before Congress.
Bullion for April delivery spiked 0.75%, or $16.30, to finish at $2,158.20 per ounce, with the most active contract clinching a record high for the fourth trading close in a row, after touching the $2,160.50 level earlier in the session.
Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, plummeted by 0.45% at 103.32 points at 09:36 pm Makkah time.
In a prepared statement delivered to the House of Representatives Financial Services Committee, Powell affirmed an interest rate cut later this year, though he avoided offering a concrete timing for the move.
Market expectations for the Fed reducing interest rates by 25 basis points during the June meeting rose to 55.9%, compared to 35.5% a month ago, with policy stabilization likely during the March and May meetings, the CME FedWatch Tool showed.
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