Gold price (XAU/USD) drifts lower during the Asian session on Thursday, albeit it remains confined in a familiar range held over the past week or so amid mixed fundamental cues.
The overnight hawkish remarks by FOMC members, including Federal Reserve (Fed) Chair Jerome Powell, reaffirmed expectations that the US central bank will take a cautious stance on cutting rates.
This assists the US Treasury bond yields to rebound slightly from their lowest closing levels in more than a month and turns out to be a key factor undermining the non-yielding yellow metal.
Apart from this, the prevalent risk-on environment is seen exerting some downward pressure on the safe-haven Gold price.
That said, persistent geopolitical tensions stemming from the worsening Russia-Ukraine conflict and concerns about US President-elect Donald Trump's tariff plans could act as a tailwind for the XAU/USD.
Furthermore, the lack of any meaningful US Dollar (USD) buying should contribute to limiting losses for the commodity. Traders might also opt to wait for the release of the US Nonfarm Payrolls (NFP) report on Friday before placing directional bets.
Source: FXStreet
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