Gold price (XAU/USD) edges lower following an Asian session uptick to the $3,384 area amid a slight US Dollar (USD) bounce, though the near-term bias seems tilted firmly in favor of bullish traders.
Weaker-than-expected US economic data released on Wednesday boosted market expectations that the Federal Reserve (Fed) will lower borrowing costs further in 2025.
This keeps the US Treasury bond yields depressed, which, along with US fiscal concerns, should cap the USD and lend support to the non-yielding yellow metal.
Apart from this, persistent trade-related uncertainties and rising geopolitical tensions validate the near-term positive outlook for the safe-haven Gold price.
Investors, however, seem reluctant and opt to wait for the high-stakes call between US President Donald Trump and Chinese President Xi Jinping.
Moreover, volatility is expected to remain suppressed ahead of the crucial US Nonfarm Payrolls (NFP) report on Friday, which might further hold back traders from placing aggressive directional bets around the precious metal.
Source: Fxstreet
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