Gold remained stable close to a record high on Wednesday as investors evaluated U.S. Federal Reserve Chair Jerome Powell’s measured remarks regarding interest rate cuts, while anticipating a significant inflation report scheduled for later in the week to provide additional policy insights.

Spot gold remained stable at $3,762.05 per ounce, as of 0052. Bullion reached an unprecedented peak of $3,790.82 on Tuesday. U.S. gold futures for December delivery declined 0.6% to $3,794.50. The U.S. dollar index hovered near a one-week low, making greenback-priced bullion less expensive. Powell said on Tuesday the central bank needed to continue balancing the competing risks of high inflation and a weakening job market in coming rate decisions, even as his colleagues staked out arguments on both sides of the policy divide.

The U.S. weekly initial jobless claims report is due on Thursday, followed by the Personal Consumption Expenditures index, the Fed’s preferred inflation gauge. Markets anticipate two additional 25-basis-point rate cuts this year, with a 93% probability in October and a 77% probability in December. In its latest report, the Organisation for Economic Cooperation and Development stated that the full impact of U.S. tariff hikes is still unfolding, with firms thus far absorbing much of the shock through narrower margins and inventory buffers.

NATO warned Russia on Tuesday that it would use “all necessary military and non-military tools” to defend itself as it condemned Moscow for violating Estonian airspace in a “pattern of increasingly irresponsible behaviour”. Spot silver was steady at $44.02 per ounce, platinum remained unchanged at $1,478.15, and palladium fell 0.4% to $1,214.78.