Gold (XAU/USD) retreats slightly from the daily peak touched during the first half of the European session, though it sticks to the positive bias for the fourth straight day on Wednesday.
The US Dollar (USD) gains some positive traction following a two-day fall in the wake of Federal Reserve (Fed) Chair Jerome Powell's cautious remarks on potential interest rate cuts. This turns out to be a key factor acting as a headwind for the commodity.
Investors, however, seem convinced and are pricing in two more Fed rate cuts this year, which might hold back the USD bulls from placing aggressive bets and continue to act as a tailwind for the non-yielding yellow metal.
Moreover, rising geopolitical tensions and a slight deterioration in the global risk sentiment should contribute to limiting the downside for the safe-haven Gold, warranting caution before positioning for deeper losses.
Source: FXstreet
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