Gold sticks to positive bias amid dovish Fed-inspired USD weakness; US PCE data awaited
Gold (XAU/USD) builds on its steady intraday ascent through the early European session on Friday, though it remains within a broader trading range held since the beginning of this week.
The US Dollar (USD) attracts fresh sellers and slides back closer to its lowest level since late October, touched on Thursday, amid dovish Federal Reserve (Fed) expectations. This, in turn, is seen as a key factor driving flows towards the non-yielding yellow metal.
Apart from this, the cautious market mood and geopolitical uncertainties stemming from the protracted Russia-Ukraine war lend additional support ot the safe-haven Gold.
The XAU/USD bulls, however, might refrain from placing aggressive bets and opt to wait for the release of the September Personal Consumption Expenditures (PCE) Price Index. The data would offer cues about the Fed's rate-cut path and provide a fresh impetus to the commodity.
Source : Fxstreet.com