Gold (XAU/USD) attracted some dip buyers near $2,655 levels on Thursday and re-emerged near four-week highs touched the previous day. Cautious market sentiment, geopolitical risks, and concerns over US President-elect Donald Trump's tariff plans turned out to be key factors supporting the safe-haven commodity.
Further, the flight to safety triggered a modest pullback in the US Treasury bond yields and drove some flows towards the precious metal for the third straight day.
Meanwhile, the Federal Reserve's (Fed) hawkish signal that it will slow the pace of interest rate cuts in 2025 helped the US Dollar (USD) hold firm near two-year highs touched last week.
This might hold traders from placing aggressive bullish bets around the non-yielding Gold prices.
Investors might also prefer to wait for the release of the US Nonfarm Payrolls (NFP) report on Friday. Moreover, the mixed fundamental backdrop warrants some caution before positioning for any further gains.
Source: FXStreet
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