Gold price (XAU/USD) maintains its bid tone through the first half of the European session on Friday, though it remains below a one-week high touched the previous day.
The US Dollar (USD) struggles to capitalize on the upbeat US NFP-inspired rally on Thursday amid concerns that US President Donald Trump's 'One Big Beautiful Bill' would worsen the country's fiscal situation.
This, along with persistent trade-related uncertainties, turns out to be a key factor underpinning demand for the safe-haven precious metal.
Meanwhile, traders dialled back expectations that the Federal Reserve (Fed) would cut interest rates in July following the release of a stronger-than-expected US jobs report.
This, in turn, is seen as acting as a tailwind for the USD. Apart from this, a generally positive risk tone holds back the XAU/USD bulls from placing aggressive bets.
Nevertheless, the Gold price remains on track to end in the green for the first time in three weeks. Moreover, the fundamental backdrop suggests that the path of least resistance for the commodity is to the upside.
Sumber: Fxstreet
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