Gold (XAU/USD) prices attracted some follow-through buying during the Asian session on Wednesday and seemed to firm on the overnight uptick from the $2,600 range, or a one-week low. Ongoing geopolitical risks stemming from the prolonged Russia-Ukraine war, along with concerns over US President-elect Donald Trump's tariff plans, drove some haven flows towards the precious metal for the second straight day.
Meanwhile, the US Dollar (USD) consolidated near the lower end of its weekly range despite upbeat US macro data on Tuesday which turned out to be another factor supporting Gold prices. That said, a less dovish Federal Reserve (Fed) outlook might keep a lid on the non-yielding yellow metal. Traders also await the US inflation data for cues on future interest rate cuts and before placing any fresh directional bets around XAU/USD.
Source: FXStreet
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