Gold Price Reach Fifth Consecutive Record High

Gold prices rose on Thursday as the dollar weakened against most major currencies, with investors digesting Jerome Powell's remarks ahead of Congress.

Powell, speaking before the House of Representatives, signaled the Fed's intention for rate cuts this year, citing a noticeable slowdown in inflation.

Meanwhile, the European Central Bank opted to keep interest rates unchanged while revising down its expectations for inflation and annual growth.

According to official US government data, unemployment claims remained stable at 217 thousand for the week ending March 2, matching analysts' expectations.

In other news, the People's Bank of China reported a sixth consecutive monthly increase in its gold reserves, adding nearly 390 ounces in January to reach 2257 tonnes.

The dollar index slipped 0.5% to 102.8 as of 21:04 GMT, hitting a session high of 103.3 and a low of 102.8.

Gold spot prices edged up 0.4%, or $7.70, to $2165.90 per ounce as of 21:07 GMT.