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Gold climbed to a record high on signs the Fed will cut interest rates this year. Gold climbed to a record high to extend a sharp rally fueled by signs the Fed will cut interest rates this year. Bullion rose to $2,161.48 an ounce after gaining nearly 6% in the previous six sessions. Thursday’s gain would mark the longest streak of daily gains since late 2021. Fed Chairman Jerome Powell said on Wednesday that it would probably be appropriate to start lowering borrowing costs “at some point this year” but said the central bank wanted more confidence that inflation was moving toward 2% in a sustainable manner. The rally surprised many investors given that there had been no major change in expectations about when the Fed would cut interest rates or other obvious catalysts. Citigroup raised its gold forecast for the next three months to $2,200 an ounce and raised its forecast for the next six to 12 months to $2,300. The report noted recession risks that could favor gold in the second quarter, “particularly given recent gains in equity and credit markets.” Spot gold rose 0.5 percent to $2,158.69 an ounce as of 12:30 p.m. in Singapore. The Bloomberg Dollar Spot Index fell 0.1 percent for a fifth day of losses. Silver and platinum fell. Palladium fell 1.3 percent after rising more than 10 percent on Wednesday to break above the $1,000 an ounce threshold.