Gold price (XAU/USD) is seen consolidating its intraday losses to over a one-week low and trades just below the $3,350 level during the first half of the European session. The US Federal Reserve (Fed) earlier this week trimmed the outlook for rate cuts in 2026 and 2027, which, in turn, is seen acting as a tailwind for the US Dollar (USD) and undermining demand for the non-yielding yellow metal.
Apart from this, a generally positive tone around the European equity markets turns out to be another factor exerting pressure on the Gold price. However, rising geopolitical tensions in the Middle East might keep a lid on any optimism in the market against the backdrop of persistent trade-related uncertainties and limit losses for the safe-haven XAU/USD, which remains on track to register weekly losses.
Source : Fxstreet
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