Gold hits record peak at 2141.59 per ounce on Tuesday
Analyst says gold rally sentimental, could see profit taking
Focus on Powell39;s first day of congressional testimony
Cenbank gold buys more than offsets waning ETF demand analyst

March 6 Reuters Gold prices held above the 2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by midyear mount, while traders awaited remarks on the economy39;s health from Federal Reserve Chair Jerome Powell.

Spot gold edged down 0.1 at 2,126.13 per ounce, as of 0458 GMT. U.S. gold futures fell 0.4 to 2,134.30.

Spot prices hit a record peak of 2141.59 per ounce overnight on Tuesday, rallying for a fifth straight session.

Gold39;s rally is sentiment driven, which was triggered by last week39;s poor U.S. economic data that gave little more clarity for a June rate cut, said Ajay Kedia, director at Kedia Commodities, Mumbai, adding, without other factors at play, such as dollar39;s movement, or any surge in geopolitical tensions, gold could see profit taking.

Traders are weighing in risks to the U.S. economic health in a highinterest rate environment and would be tuning into Powell39;s first day of semiannual congressional testimony for more clarity on the same.

Gold39;s rally is sentiment driven, which was triggered by last week39;s poor U.S. economic data that gave little more clarity for a June rate cut, said Ajay Kedia, director at Kedia Commodities, Mumbai, adding, without…