• Gold set a new record, while other precious metals also chalked up big gains, after Federal Reserve Chair Jerome Powell reiterated the US central bank will likely cut interest rates this year.
• Bullion hit a fresh high of $2,152.25 an ounce, while palladium broke the $1,000-an-ounce mark with gains of more than 10%.
• Gold rose as much as 1.1%, boosted by the Fed chair’s comments during his congressional testimony. Powell said it will likely be appropriate to begin lower borrowing costs “at some point this year,” but made clear they’re not ready yet. He also said he’s not looking for inflation to reach the central bank’s 2% target to start easing policy.