Gold dipped to around $3,750 per ounce on Wednesday, but staying near the fresh record set in the previous session, as investors digested recent Federal Reserve commentary. Chair Jerome Powell struck a cautious tone, saying the Fed must balance persistent inflation with a weakening job market, describing it as “a challenging situation” and echoing last week’s remarks. In contrast, Governor Michelle Bowman suggested the central bank may need to ease more quickly if the labor market continues to soften. Focus now shifts to the August PCE index, the Fed’s preferred inflation gauge, along with upcoming speeches from other Fed officials for additional policy signals. Gold also benefited from ongoing geopolitical tensions, with NATO saying to take necessary measures to defend itself after Russia’s recent violation of Estonian airspace. Robust demand for exchange-traded funds further supported bullion, with inflows reaching a three-year high last week.

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