Gold price (XAU/USD) regains positive traction following the previous day's pullback from a two-week high and trades above the $3,300 mark during the Asian session on Friday.
Worries about the worsening US fiscal situations, renewed US-China trade tensions, and persistent geopolitical risks turn out to be key factors that continue to act as a tailwind for the safe-haven bullion.
Apart from this, the emergence of fresh US Dollar (USD) selling lends additional support to the commodity.
The initial market reaction to Thursday's mostly upbeat US economic data turned out to be short-lived amid US fiscal concerns.
Furthermore, the growing acceptance that the Federal Reserve (Fed) will lower borrowing costs at least twice this year weighs on the Greenback and drives flows toward the non-yielding yellow metal.
Nevertheless, the XAU/USD remains on track to register its best weekly gain in more than a month and the fundamental backdrop favors bullish traders.
Source: Fxstreet
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