PRECIOUS-Gold steady near record high as markets assess Powell's comment

Sept 24 (Reuters) - Gold held steady near a record high on Wednesday as investors assessed U.S. Federal Reserve Chair Jerome Powell's cautious comments on interest rate cuts while awaiting a key inflation report due later in the week for further policy cues.

FUNDAMENTALS

* Spot gold XAU= held its ground at $3,762.05 per ounce, as of 0052 GMT. Bullion hit a record high of $3,790.82 on Tuesday.

* U.S. gold futures GCcv1 for December delivery fell 0.6% to $3,794.50.

* The U.S. dollar index .DXY hovered near a one-week low, making greenback-priced bullion less expensive. USD/

* Powell said on Tuesday the central bank needed to continue balancing the competing risks of high inflation and a weakening job market in coming rate decisions, even as his colleagues staked out arguments on both sides of the policy divide.

* The U.S. weekly initial jobless claims report is due on Thursday, followed by the Personal Consumption Expenditures index, the Fed's preferred inflation gauge.

* Markets anticipate two more 25-basis-point rate cuts this year, with a 93% probability in October and a 77% probability in December, according to the CME FedWatch tool.

* In its latest Economic Outlook Interim Report, the Organisation for Economic Cooperation and Development said the full impact of U.S. tariff hikes was still unfolding, with firms so far absorbing much of the shock through narrower margins and inventory buffers.

* NATO warned Russia on Tuesday that it would use "all necessary military and non-military tools" to defend itself as it condemned Moscow for violating Estonian airspace in a "pattern of increasingly irresponsible behaviour".

* Spot silver XAG= was steady at $44.02 per ounce, platinum XPT= remained unchanged at $1,478.15 and palladium XPD= fell 0.4% to $1,214.78.

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