Gold prices (XAU/USD) weakened from a more than two-week high in the $3,409-$3,410 range during the Asian session as traders opted to take profits ahead of the weekend.
Furthermore, positive sentiment in equity markets and a modest recovery in the US dollar (USD) exerted downward pressure on gold bullion. However, a combination of factors acted as a boost for the precious metal, warranting caution for aggressive bearish traders.
Investors remain cautious amid ongoing trade-related uncertainty, particularly following US President Donald Trump's new tariff threats this week, which could provide some support for gold prices as a safe-haven asset.
Furthermore, growing acceptance that the Federal Reserve (Fed) will resume its interest rate cutting cycle in September may limit any significant USD gains. This, in turn, helped the non-yielding yellow metal attract some buyers as prices dipped near the $3,380 region. (alg)
Source: FXstreet
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