02:05 PM EDT, 04/04/2024 (MT Newswires) -- Gold closed lower on Thursday for the first time in eight sessions following a record run that pushed prices above US$2,300 for the first time as investors mull day-prior comments from Federal Reserve chair Jerome Powell while they await interest-rate cuts from the central bank.

Gold for June delivery closed down US$6.50 to settle at US$2,308.50 per ounce.

The drop follows on a Wednesday speech by Powell, who said the central bank will need to be assured inflation is tracking down to its 2% target as data continues to show the US economy remains hot.

"We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent. Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy," Powell said in the text of his speech.

The Fed is expected to cut rates three times this year by a total 75 basis points but contradictory statements by its officials have clouded the outlook.

"Powell deployed repetitious language on maintaining a balance between economic growth and inflation and that current markers will keep the Fed prudent but still open to an interest rate cut in 2024. Later, fellow Fed member Raphael Bostic took an altogether much more hawkish line by offering his view that there might only be one 25-basis point cut this year and not until the fourth quarter," PVM Oil Associates noted.

The dollar moved lower early, making gold more affordable for international buyers. The ICE dollar index was last seen down 0.19 points to 104.06.

Treasury yields were higher. The US two-year note was last seen paying 4.702%, up 2.1 basis points, while the yield on the 10-year note was up 0.3 basis points to 4.358%.