02:05 PM EST, 03/07/2024 (MT Newswires) -- Gold closed higher on Thursday, pushing up to a fresh record for a fifth-straight session as the dollar slipped after Federal Reserve chair Jerome Powell said in testimony to Congress he expects interest-rate cuts should begin this year, though his outlook remains cautious.

Gold for April delivery closed up US$7.00 to settle at US$2,165.20 per ounce.

In the first of two days of congressional testimony Powell disappointed investors hoping for a near-term drop in interest rates, while saying he expects cuts to begin this year if inflation nears the central bank's 2% target.

"The momentum in gold saw it reach a fresh record high ... amid weak US economic data and with Powell's remarks being interpreted as mildly dovish, sending the dollar and Treasury yields lower," Saxo Bank noted.

The dollar waned, making gold more affordable for international buyers, with the ICE dollar index last seen down 0.51 points to 102.86.

Treasury yields were mixed, with the US two-year note last seen paying 4.535%, down 2.5 basis points, while the yield on the 10-year note was up 1.3 basis points to 4.114%