Surge in Gold Prices Reaches Record Highs

In Wednesday's American trading session, gold prices surged to new record highs, extending gains for the sixth straight session. This surge occurred as both the dollar and US treasury yields weakened in response to Federal Reserve Chair Jerome Powell's testimony ahead of Congress.

Powell’s remarks bolstered the case for an early start to the US policy easing cycle, possibly starting as soon as June, with three anticipated interest rate cuts this year.

Prices Today

Today's prices show that gold prices increased by 1% to reach $2150 per ounce, reaching a session low of $2123 per ounce. This followed a 0.5% increase yesterday, marking the fifth consecutive day of gains and reaching a three-month high of $2141.

The Dollar

The dollar index experienced a 0.6% decrease on Wednesday, sharpening losses for the fourth straight session and reaching a five-week low of 103.20 against a basket of major currencies.

The decline comes alongside a similar drop in US 10-year treasury yields, which decreased by nearly 2% and reached a one-month low at 4.081%.