Gold price (XAU/USD) retains its bullish bias through the first half of the European session on Friday and touches a fresh all-time peak, around the $3,086 region in the last hour.
The global risk sentiment continues to be undermined by worries over US President Donald Trump's auto tariffs announced on Wednesday, the uncertainty about impending reciprocal tariffs next week, and their effect on the global economy.
The anti-risk flow is evident from a generally weaker tone around the equity markets, which, in turn, is seen driving safe-haven flows toward the precious metal.
Furthermore, bets that the Federal Reserve (Fed) will resume its rate-cutting cycle soon, on the back of concerns that Trump's trade policies will dent US growth, turns out to be another factor underpinning the non-yielding Gold price.
Meanwhile, the US Dollar (USD) attracts some buyers following the overnight pullback from a multi-week top amid some repositioning trade ahead of the US Personal Consumption Expenditure (PCE) Price Index, due for release later today. This, however, does little to undermine demand for the XAU/USD pair or hinder the ongoing move up.
Source: FXStreet
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