Gold sets another record high above $2 300 after Powell comments

Gold set another record high above $2 300 an ounce on the likelihood the Federal Reserve will cut interest rates this year, and sustained demand from central banks.

Bullion touched a peak of $2 304.96 an ounce before trading little changed as investors took comfort in Fed Chair Jerome Powell’s assurance on Wednesday that it will likely be appropriate to begin lowering borrowing costs “at some point this year.”