Gold price (XAU/USD) extends its steady intraday descent through the first half of the European session and drops to a fresh daily low, back closer to the $3,350 level in the last hour. Thursday's US macro data reaffirmed bets that the Federal Reserve (Fed) will keep rates steady next week. This, in turn, assists the US Dollar (USD) in attracting some follow-through buyers for the second straight day and driving flows away from the non-yielding yellow metal.
Apart from this, the trade optimism turns out to be another factor undermining the Gold price. However, a slight deterioration in the risk sentiment, as depicted by a generally weaker tone around the equity markets, could offer some support to the safe-haven precious metal. Furthermore, concerns about the Fed's independence could act as a headwind for the USD and also limit losses for the commodity ahead of the crucial FOMC policy meeting next week.
Source : Fxstreet
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