Gold rips record high as markets digest Powell’s congressional testimony

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.