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Gold traded just below a record after a three-day advance, as investors assessed a raft of commentary from Federal Reserve policymakers including Chair Jerome Powell, and geopolitical tensions over Russia.
Bullion was steady near $3,761 an ounce, about $30 shy of Tuesday’s peak, which was the third consecutive trading day it’s set a fresh high. On Tuesday, Powell said the outlooks for the labor market and inflation faced risks, and offered no hint if he might support another interest rate cut in October. Still, Governor Michelle Bowman warned the bank may need to ease more quickly in the months ahead as the labor market weakens.