Gold (XAU/USD) sticks to intraday gains near a two-week top heading into the European session on Friday, with bulls awaiting a sustained move beyond the $4,200 mark before placing fresh bets. The increasing likelihood of another interest rate cut by the US Federal Reserve (Fed) in December turns out to be a key factor that continues to benefit the non-yielding yellow metal. The intraday move up could also be attributed to technical buying above the $4,170-4,175 hurdle.
Meanwhile, the US Dollar (USD) looks to build on the overnight bounce from an over one-week low and acts as a headwind for the Gold. Apart from this, the prevalent risk-on environment, bolstered by the prospects for lower US interest rates and hopes for a Russia-Ukraine peace deal, contributes to capping the safe-haven precious metal. Nevertheless, the XAU/USD pair remains on track to register strong weekly gains and seems poised to prolong its weekly uptrend.
Daily Digest Market Movers: Gold continues to be underpinned by dovish Fed bets
The recent dovish remarks from several Federal Reserve officials suggested that another interest rate cut in December is a live option. Moreover, a mixed set of US economic indicators released this week did little to alter expectations, pushing the non-yielding Gold to a two-week high during the Asian session on Friday.
Source: Fxstreet
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