02:08 PM EST, 03/06/2024 (MT Newswires) -- Gold closed at record high for a fourth-straight session on Wednesday as congressional testimony from Federal Reserve chair Jerome Powell, did not shed light on when the central bank will begin lowering interest rates.

Gold for April delivery was last seen closed up US$16.30 to US$2,158.20 per ounce.

The price of the precious metal rose to new heights over the past three sessions on expectations lower interest rates are on the way, cutting the carrying costs of owning gold, while momentum investors have also added buying pressure. However the first of Powell's two days of congressional testimony offered little clarity on when lower rates will come.

The dollar weakened following of Powell's appearance, with the ICE dollar index last seen down 0.48 points to 103.32.

Treasury yields also dipped, with the US two-year note last seen paying 4.556%, down 0.6 basis points, while the yield on the 10-year note was down 4.9 basis points to 4.106%