When an object moves with constant speed in a circular path (uniform circular motion), its velocity is not constant. Although the magnitude of velocity (which equals the speed) remains constant, the direction of the velocity vector continuously changes because the object is constantly changing direction as it moves along the circular path. The velocity vector is always tangent to the circle at the object's position. This continuous change in direction means the velocity vector changes even though its magnitude does not. Consequently, the object experiences a centripetal acceleration directed towards the center of the circular path, which causes this change in velocity direction while maintaining constant speed. In summary:

• The speed (magnitude of velocity) is constant.
• The direction of the velocity is continuously changing, tangent to the circle.
• Velocity is not constant because velocity depends on both magnitude and direction.
• There is a centripetal acceleration directed inward toward the center of the circle to cause the change in velocity direction.

This describes uniform circular motion and the nature of velocity in such motion.