Gold price (XAU/USD) trims a part of modest intraday losses, though remains depressed below the $3,400 mark and over a two-week high touched earlier this Friday.
Against the backdrop of the upbeat market mood, a modest US Dollar (USD) uptick prompts some profit-taking around the commodity following the recent move higher over the past week or so. However, a combination of factors helps limit the downside for the precious metal.
US President Donald Trump's fresh tariff threats this week keep investors on edge and continue to act as a tailwind for the safe-haven Gold price.
Furthermore, the growing acceptance that the Federal Reserve (Fed) will resume its rate-cutting cycle in September keeps a lid on any meaningful USD gains and further offers some support to the non-yielding yellow metal. This warrants caution before placing bearish bets around the XAU/USD pair.
Source: FXstreet
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