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 price is holding the previous corrective downside near $2,650 in Asian trades on Monday, shrugging off another Chinese stimulus-driven upbeat market sentiment. Traders refrain from placing fresh directional bets on Gold price ahead of US Federal Reserve (Fed) Jerome Powell’s speech due later on Monday.

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.