(Bloomberg) -- Gold steadied close to a record as geopolitical tensions mounted ahead of a Federal Reserve interest-rate decision.

Bullion hovered near $3,030 an ounce, about $15 below an all-time-high set earlier Wednesday. Russian President Vladimir Putin refused to give Donald Trump the 30-day ceasefire in Ukraine he and his team had demanded on the path toward ending the three-year conflict.

Safe haven demand has also risen this week as Israel ended its Hamas ceasefire with airstrikes across Gaza, killing hundreds.

Meanwhile, the Fed is poised to keep borrowing costs steady when policymakers meet later on Wednesday, with investors set to focus on the central bank’s updated economic projections and Chair Jerome Powell’s press conference for clues about the path ahead for US monetary policy.

Traders are paring back their bets on further easing this year — a scenario that would typically weigh on the precious metal as it doesn’t pay interest — but gold is getting support from growing haven demand.

There are concerns around a US slowdown as President Donald Trump’s tariff-agenda weighs on consumer sentiment. Investors have been slashing holdings of US equities by the most on record, according to Bank of America Corp.’s latest survey, underscoring a massive rotation underway in markets.

The gloomier outlook for both the US and global economy has underscored bullion’s role as a store of value in uncertain times. The metal is up about 15% so far this year, extending its strong 2024 performance. Several major banks have raised price targets in recent weeks.

Spot gold eased 0.2% to trade at $3,029.66 an ounce at 9:57 a.m. in London. The Bloomberg Dollar Spot Index rose 0.3%. Silver, platinum and palladium fell.

--With assistance from Jack Ryan.