09:27 AM EDT, 04/03/2024 (MT Newswires) -- Gold rose for the seventh-straight record session early on Wednesday, pushing closer to the US$2,300 mark for the first time on expectations lower interest rates are on the way, even as a report showed US private-sector employment rose more than expected last month.

Gold for June delivery was last seen up US$14.40 to US$2,296.20 per ounce.

The price of the metal has climbed by 7.9% over the past month on expectations the Federal Reserve and other central banks are readying to lower interest rates as inflation slows. Fed chair Jerome Powell will speak to the Stanford Business, Government, and Society Forum later on Wednesday, with his comments closely watched to see if the central bank plans to follow through on expectations it will cut interest rates by 75 basis points by year end.

The dollar fell early after US private-sector employment rose by 184,000 positions in March, above the consensus expectation for a rise of 155,000 new jobs., according to Marketwatch, showing the US economy continues to run hot despite high interest rates. The ICE dollar index was last seen down 0.1 points to 104.72.

Treasury yields rose following the ADP employment report, bearish for gold since it offers no interest. The yield on the US two-year note was last seen up 4.0 basis points to 4.741%, while the 10-year note was paying 4.414%, up 5.3 basis points.