Gold price (XAU/USD) trades with a mild negative bias during the early European session on Wednesday and for now, seems to have snapped a two-day winning streak to a one-week top touched the previous day.
The US Dollar (USD) ticks higher and moves away from a three-and-a-half-year low, which, in turn, undermines the commodity. Moreover, a generally positive risk tone is seen as another factor denting demand for the safe-haven precious metal.
However, expectations that the US Federal Reserve (Fed) will resume its rate-cutting cycle in the near future and concerns about the fiscal implications of US President Donald Trump's sweeping tax and spending cut bill should cap the USD.
Furthermore, the uncertainty over Trump's erratic trade policies should contribute to limiting losses for the Gold price. Traders might also opt to wait on the sidelines ahead of the release of the US jobs report on Thursday.
Source: Fxstreet
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