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Sc., "and, thus, conscious of your special position as the consorts of God's Apostle and mothers of the believers".
This is the core of the whole passage. The Prophet's Consorts were not like ordinary women, nor was their marriage an ordinary marriage, in which only personal or social considerations enter. They had a special position and special responsibilities, in the matter of guiding and instructing women who came into the fold of Islam. Islam is a Way of Life, and the Muslims are a family: women have as much place in Islam as men, and their intimate instruction must obviously be through women.
While they were to be kind and gentle to all, they were to be guarded on account of their special position lest people might misunderstand or take advantage of their kindness. They were to make no vulgar worldly displays as in the times of Paganism.