Gold price (XAU/USD) lacks any firm intraday directional bias on Thursday and oscillates in a narrow trading band through the first half of the European session.
The commodity, however, remains close to a multi-week top touched on Tuesday and seems poised to appreciate further amid a combination of supporting factors. Investors remain on edge amid rising geopolitical risks and persistent trade-related uncertainties.
This might continue to act as a tailwind for the safe-haven precious ahead of potential talks between US President Donald Trump and Chinese President Xi Jinping.
Meanwhile, Wednesday's disappointing US economic data reaffirmed market bets that the Federal Reserve (Fed) will cut interest rates further in 2025. This, along with US fiscal concerns, fails to assist the US Dollar (USD) to attract any meaningful buyers and validates the near-term positive outlook for the non-yielding Gold price.
Traders, however, seem reluctant and opt to wait for the release of the US Nonfarm Payrolls (NFP) report on Friday. Nevertheless, the fundamental backdrop suggests that any corrective slide could be seen as a buying opportunity and remain cushioned.
Source: FXStreet
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