Gold price (XAU/USD) maintains its offered tone through the early European session on Tuesday and currently trades around the $2,935 region, down 0.50% for the day.
The intraday pullback from the all-time peak lacks any obvious fundamental catalyst and could be attributed to some profit-taking amid slightly overstretched conditions on the daily chart. That said, a combination of factors might hold back traders from placing aggressive bearish bets around the precious metal.
Investors remain worried about the potential economic fallout from US President Donald Trump's protectionist trade policies and their impact on the global economy, which might continue to act as a tailwind for the safe-haven Gold price.
Meanwhile, bets that the Federal Reserve (Fed) would cut interest rates further this year keep the US Dollar (USD) bulls on the defensive.
This should further contribute to limiting any meaningful depreciating move for the non-yielding yellow metal.
Source: FXstreet
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