Gold (XAU/USD) prices reversed an intraday dip to $2,669 area and turned positive for the second straight day on Wednesday, although the upside seemed limited ahead of the US Consumer Price Index (CPI) report.
The US Dollar (USD) held near weekly lows touched in reaction to Tuesday's weaker US Producer Price Index (PPI) and turned out to be a key factor lending support to the commodity.
Meanwhile, easing concerns over disruptive trade tariffs from US President-elect Donald Trump remained supportive of the risk sentiment – as depicted by a generally positive tone around the equity markets.
Further, growing acceptance that the Federal Reserve (Fed) will halt its interest rate-cutting cycle later this month kept the US Treasury bond yields elevated and could act as a headwind for the non-yielding Gold prices.
Source: FXStreet
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