Gold price (XAU/USD) retains its negative bias below the $3,300 mark through the early European session on Friday, though it lacks follow-through selling.
The US Dollar (USD) attracts some dip-buyers amid some repositioning trade ahead of the crucial US inflation report, which, in turn, is seen as a key factor undermining the commodity.
However, concerns about the worsening US fiscal condition, along with bets that the Federal Reserve (Fed) will lower borrowing costs further in 2025, might cap the upside for the USD and offer support to the non-yielding yellow metal.
A federal appeals court on Thursday paused a separate trade court ruling and reinstated US President Donald Trump's tariffs. This adds a layer of uncertainty and tempers investors' appetite for riskier assets, which is evident from a softer tone around the equity markets.
Apart from this, persistent geopolitical risks stemming from the protracted Russia-Ukraine war and conflicts in the Middle East contribute to limiting losses for the safe-haven Gold price. Hence, it will be prudent to wait for strong follow-through selling before positioning for a further depreciating move.
Source: FXStreet
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