Gold hits record close for 2nd straight session

Gold prices consolidated their gains at settlement of trading today, March 4, continuing the yellow metal’s rise that extended over two straight weeks amid growing expectations of a US interest rate cut.

Bullion for April delivery skyrocketed by 1.45%, or $30.60, to finish at $2,126.30 per ounce, with the most active contract hitting a record close for the second session in a row, exceeding the $2,095.70/ounce level with which it ended last Friday’s trading.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, stabilized at 103.82 points at 09:34 pm Makkah time.

Market expectations of the Federal Reserve cutting interest rates by 25 basis points during the June meeting rose to 52.5%, compared to 29.8% one month ago, the CME FedWatch Tool showed.

Traders are awaiting Fed Chairman Jerome Powell's testimony before Congress on Wednesday and Thursday, two years after the US central bank began its battle to rein in inflation, seeking more clues about the future path of monetary policy.