Gold held steady in early Asian trading on Tuesday, supported by growing expectations that the Federal Reserve will continue to ease policy in the coming months. Investors are awaiting remarks from Fed Chair Jerome Powell later today, which could provide fresh signals on the U.S. economy and the future pace of monetary policy.

The precious metal touched another record high overnight, extending its strong run after last week’s rate cut and the Fed’s guidance that further reductions may follow as the labor market shows signs of strain.

“Expectations of continued monetary loosening have reinforced demand for the non-yielding asset,” said FFA Kings’ founder and CEO Fadi Al Kurdi in an email. Market participants remain focused on the Fed’s stance, with lower interest rates typically enhancing the appeal of gold by reducing the opportunity cost of holding it.

Spot gold was little changed at $3,747.22 per ounce in early dealings.