02:12 PM EDT, 04/03/2024 (MT Newswires) -- Gold closed at a fresh record for the seventh-straight record session on Wednesday, pushing past 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 closed up US$33.20 to settle at US$2,315.00 per ounce.

The price of the metal has climbed by 8.9% 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 spoke to the Stanford Business, Government, and Society Forum on Wednesday, saying the central bank will wait on economic data before lowering interest rates.

"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 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 0.54 points to 104.28.

Treasury yields were mixed after Powell's comments. The yield on the US two-year note was last seen down 0.8 basis points to 4.693%, while the 10-year note was paying 4.363%, up 0.2 basis points.