Gold held a two-day advance, with traders pricing in higher odds of an initial interest-rate cut from the Federal Reserve in September after Chair Jerome Powell told Congress he believes inflation is receding.

The precious metal traded above $2,370 after a 0.3% gain the previous session as Powell wrapped up a second day of testimony in Washington, where he said the central bank doesn’t need inflation below 2% before cutting. Swaps traders now see two reductions in 2024, aiding bullion as it doesn’t pay interest.

Gold has risen 15% this year, aided by central-bank purchases, heightened geopolitical tensions and investors’ expectations that there will soon be a shift to easier monetary policy. US inflation due later on Thursday — with a reading of the consumer price index expected to show a smaller 0.1% increase in June — could bolster the case for a September cut.

Spot gold was up 0.1% to $2,373.35 an ounce as of 8:53 a.m. in Singapore. Silver edged up toward $31 an ounce, while platinum and palladium were flat.