02:04 PM EST, 03/05/2024 (MT Newswires) -- Gold rose a new record for the third-straight session on Tuesday as buying momentum for the precious metals continues.
Gold for April delivery closed up US$15.60 to settle at US$2,141.900 per ounce, surpassing the record close set a day earlier..
The price of the metal is being supported by expectations interest rates in developed countries will soon be lowered as inflation eases. Jerome Powell, the chair of the Federal Reserve, will begin two days of congressional testimony on Wednesday amid hopes he will offer firmer detail on when rate cuts will begin.
The record also comes amid a steady dollar and strong treasury yields, though yields eased early on Tuesday.
Gold reached a "a fresh record closing high despite a run higher in yields, suggesting continued demand from momentum buyers and low short-selling appetite at a time of heightened geopolitical tensions along with market's continued optimism around the rate cut trajectory", Saxo Bank noted.
Still, treasury yields weakened , bullish for gold since it offers no interest, with the US two-year note last seen paying 4.56%, down 5.0 basis points, while the yield on the 10-year note was down 7.2 basis points to 4.144%,
The dollar also moved, with the ICE dollar index last seen down 0.03 points to 103.8.