Gold price (XAU/USD) recovers slightly from the daily low and climbs back above the $3,300 mark in the last hour, though it retains the negative bias through the first half of the European session on Friday. China's Foreign Ministry denied any ongoing negotiations with the US on tariffs, keeping a lid on the optimism in the markets and lending some support to the safe-haven precious metal.
Apart from this, the protracted Russia-Ukraine war keeps the geopolitical risk premium in play and helps limit the downside for the bullion.
Moreover, the prospects for a more aggressive policy easing by the Federal Reserve (Fed) warrant some caution before placing aggressive bearish bets around the non-yielding Gold price.
Investors, however, remain hopeful about the potential de-escalation of trade tensions between the world's two largest economies, which remains supportive of a generally positive tone around the equity markets.
This, along with a modest US Dollar (USD) strength, is holding back traders from placing fresh bullish bets around the XAU/USD pair.
Source: FXStreet
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