Gold prices were hovering below recent record peaks on Tuesday after the U.S. Federal Reserve chair tempered expectations for more substantial interest rate cuts this year, with investors looking forward to a series of labour data this week for further insights.

Gold pulled back from a record high after Federal Reserve Chairman Jerome Powell signaled policymakers aren’t in a rush to aggressively lower interest rates following Wednesday’s half percentage point cut by the US central bank.

U.S. stocks were poised to close out a solid quarter on a down note, edging lower after Fed Chair Jerome Powell suggested the central bank would likely refrain from extra-large interest-rate cuts if the economy evolves as expected.