In a week marked by contrasting price action, gold futures in the April contract closed modestly higher, gaining $7.60 to reach $2,893.70 per troy ounce.

Gold surged to a new all-time record high today, with the most active April contract currently fixed at $2958.40, or 1.02% after factoring in net gain of $29.70. Dollar weakness was by far the largest contributor to gains in gold.

Gold prices pulled back for a second consecutive day following Tuesday's historic peak, as investors digested higher-than-expected inflation data and Federal Reserve Chairman Jerome Powell's congressional testimony reinforcing a cautious approach to rate cu