Gold at record levels as Powell says Fed cuts likely this year

* Spot prices hit a record peak of $2,152.09 per ounce overnight on Wednesday, rallying for a sixth straight session.

* Powell told U.S. lawmakers on Wednesday that interest rate cuts were still likely in coming months but only if warranted by further evidence of falling inflation.

* Powell will appear before the Senate Banking Committee later in the day.

* The fell to a one-month low after Powell's remarks. A softer dollar makes bullion less expensive for other currency holders.

* In a separate media interaction, Fed's Neel Kashkari said it is appropriate for the Fed to cut rates only twice, or possibly just once, this year.

* The median forecast of Fed officials in December was three rate cuts this year, which would take the Fed policy rate to a range of 4.5%-4.75%, from its current 5.25%-5.5% range.

* Lower rates boost the appeal of .

* U.S. private payrolls increased slightly less than expected in February, data showed on Wednesday, while wages for workers remaining in their jobs increased at the slowest pace in 2-1/2 years, consistent with a cooling labor market.

* The U.S. Labor Department's more comprehensive and closely watched February non-farm payrolls report is due on Friday.

* Spot platinum fell 0.2% to $905.70 per ounce, and palladium rose 0.3% to $1045.09. Autocatalyst palladium popped back above the $1,000 mark in the previous session for the first time since Jan. 12.

* Spot silver dropped 0.4% to $24.06.