Gold (XAU/USD) prices held on to modest intraday gains through the first half of the European session on Wednesday, albeit lacked bullish conviction and remained below the $2,665 resistance zone retested the previous day.
Uncertainty surrounding US President-elect Donald Trump's tariff plans, trade war fears, geopolitical tensions, and softer risk tone turned out to be key factors that acted as a tailwind for the safe-haven bullion.
However, the Federal Reserve's (Fed) hawkish shift, which kept the US Treasury bond yields elevated near multi-month tops, along with the emergence of some follow-through US Dollar (USD) buying, kept a lid on the non-yielding Gold prices.
Traders also seemed reluctant ahead of the US labor market reports – ADP report on private sector employment and Weekly Initial Jobless Claims – and the FOMC meeting Minutes due later in the day.
Source: FXStreet
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