Gold price (XAU/USD) sticks to modest intraday gains through the first half of the European session on Thursday, though it lacks follow-through and remains below the record high touched earlier this week. Investors remain worried that US President Donald Trump's trade tariffs might trigger a global trade war, which continues to act as a tailwind for the safe-haven bullion. Apart from this, a fresh leg down in the US Treasury bond yields drags the US Dollar (USD) to the weekly low and turns out to be another factor that benefits the commodity.
Moreover, expectations that Trump's protectionist policies will boost already elevated inflation in the US and further benefit the Gold price, which is seen as a hedge against rising prices. Meanwhile, the stronger US Consumer Price Index (CPI) print released on Wednesday reaffirmed market expectations that the Federal Reserve (Fed) will stick to its hawkish stance and hold interest rates steady for an extended period. This caps the upside for the non-yielding yellow metal as traders now look to the US Producer Price Index (PPI), due later today.
Source: FXstreet
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