Gold price (XAU/USD) retreats around $50 from the daily swing high and trades just below the $3,320 level heading into the European session, still up for the first time in three days.
US Treasury Secretary Scott Bessent tempered expectations for a quick resolution to the US-China trade standoff, which, in turn, helps revive demand for the safe-haven bullion.
Apart from this, the growing acceptance that the Federal Reserve (Fed) will resume its rate-cutting cycle soon and the emergence of some US Dollar (USD) selling turns out to be other factors lending support to the non-yielding Gold price.
That said, hopes for a possible US-China trade deal, easing fears about the Fed independence and a positive risk tone cap the XAU/USD pair.
Source: FXStreet
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