Gold fell for a second day, retreating from a record high, as the US central bank signaled that it’s in no hurry to deliver more interest-rate cuts.

Bullion dropped below $2,890 an ounce, after peaking above $2,942 on Tuesday, before ending lower. Federal Reserve Chair Jerome Powell said that officials would be patient before easing monetary policy further. Yields on 10-year US Treasuries climbed, a headwind for gold as it doesn’t pay interest.

Gold has roared higher this year, setting successive records and potentially lining up a test of $3,000 an ounce. The surge has been powered by increased haven demand as US President Donald Trump unleashed a series of aggressive moves on trade, including a planned levy on steel and aluminum imports.

Traders are trying to get a read on the potential implications for the US economy and monetary policy should the White House’s stance on trade and immigration reignite inflation and impact growth. During his testimony on Tuesday, Powell said it was unwise to speculate on tariff policy.

Gold’s recent ascent has been accompanied by inflows into bullion-backed exchange-traded funds. Global holdings have risen for six of the past seven weeks, hitting the highest since November.

Banks have forecast that a challenge of $3,000 an ounce is likely. Among them, Citigroup Inc. said last week it expected gold to hit that level within three months, with geopolitical tensions and trade wars boosting demand.

Investors will also focus on a key US inflation reading later Wednesday. The Bureau of Labor Statistics figures are forecast to show the consumer price index excluding food and energy rose 0.3% in January for the fifth time in the last six months, supporting the Fed’s stance to hold the line on rates for now.

Spot gold eased 0.3% to $2,889.81 an ounce at 4:17 p.m. in Singapore.