Gold price enters a bullish consolidation phase after hitting a fresh record high during the Asian session on Friday and currently trades just below the $2,800 mark.
Concerns over the potential economic fallout from US President Donald Trump's tariff plans, along with geopolitical tensions, continue to boost demand for the safe-haven bullion. Adding to this, expectations that Trump's protectionist policies would boost inflation further benefit the precious metal's hedge against rising price pressures.
That said, the Federal Reserve's (Fed) first pause since the start of its easing cycle in September and a relatively hawkish outlook triggers a modest bounce in the US Treasury bond yields.
This assists the US Dollar (USD) in preserving its weekly recovery gains and keeps a lid on any further gains for the non-yielding Gold price. Traders also seem reluctant to place fresh bullish bets and now seem to wait for the release of the US Personal Consumption Expenditure (PCE) Price Index later this Friday.
Source: FXStreet
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