Gold price (XAU/USD) struggles to gain any meaningful traction and oscillates in a narrow band during the Asian session on Tuesday amid mixed fundamental cues.
Investors cheered US President Donald Trump's decision to delay imposing tariffs on the European Union (EU), which, in turn, is seen acting as a headwind for the safe-haven commodity.
However, the uncertainty around Trump's trade policies keeps a lid on the optimism, which, along with a broadly weaker US Dollar (USD), lends support to the precious metal.
Investors remain worried that Trump's sweeping tax cuts and spending bill would worsen the US budget deficit. Furthermore, expectations that the Federal Reserve (Fed) will lower borrowing costs further in 2025 keep the USD depressed near its lowest level since April 22 and underpins the non-yielding Gold price.
Apart from this, escalating geopolitical tensions on the back of the protracted Russia-Ukraine war and conflicts in the Middle East help limit the downside for the XAU/USD pair, warranting caution for bearish traders.
Source: fxstreet
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