Gold price (XAU/USD) extends its downtrend for the third successive day and drops to over a two-week low, around the $3,221 region during the Asian session on Thursday. Signs of easing trade tensions between the US and China – the world's two largest economies – continue to undermine demand for traditional safe-haven assets and exert downward pressure on the precious metal. Furthermore, the US Dollar (USD) climbs to a two-week top and further contributes to driving flows away from the commodity and the intraday downfall.
Meanwhile, the surprise contraction in the US GDP and signs of easing inflationary pressures reaffirm market bets for more aggressive policy easing by the Federal Reserve (Fed). This might keep a lid on any meaningful USD appreciating move and should support the non-yielding Gold price. Apart from this, the uncertainty surrounding US President Donald Trump's erratic trade policies and economic agenda should contribute to limiting losses for the XAU/USD pair ahead of the key US macro data scheduled at the start of a new month.
Source: Fxstreet
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