Gold hit a record high on Tuesday ahead of Fed Chair Jay Powell’s testimony to Congress, Friday’s nonfarm payroll report, and amid China concerns. Gold futures rise 0.4% to $2,134.1 a troy ounce. The rally in the precious metal–which kicked off when Fed Governor Waller talked of a shift toward reducing the central bank’s mortgage-backed securities holdings to zero–has gathered momentum, IG Group says. At the same time, the National People’s Congress of China set out its growth target for 2024 of 5%, along with a decision to increase defense spending by 7.2%–the same as last year despite economic woes, IG senior market analyst Axel Rudolph says. More to the point, China kept a ‘peaceful reunification’ reference to Taiwan out of its communication, leading to flight-to-safety purchases of gold, Rudolph says