Gold (XAU/USD) prices rose to an intraday high during the early European session (11/3) and is now looking to build on its intraday positive move beyond the $2,900 level. Ongoing concerns about the potential economic impact of US President Donald Trump's trade tariffs and geopolitical risks turned out to be key factors that continued to underpin the safe-haven bullion. Additionally, the prevailing risk-off environment and sustained US Dollar (USD) selling further benefitted the precious metal.
Investors now seem convinced that a tariff-driven slowdown in US growth could force the Federal Reserve (Fed) to cut interest rates multiple times this year. This has kept the US Treasury bond yields under pressure and the USD near its lowest level since November, lending additional support to the non-yielding Gold prices. However, it remains to be seen if the XAU/USD pair can capitalize on the up-move as traders might refrain from placing aggressive bets ahead of this week's US inflation figures. (Newsmaker23)
Source: FXstreet
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