Gold price bulls eye all-time peak amid broad-based USD weakness
Gold price (XAU/USD) retains its bullish bias heading into the European session on Friday and touches a fresh multi-month top, around the $2,778 region in the last hour.
US President Donald Trump's comments, saying that he would rather not have to use tariffs on China, help ease trade-war fears and inflationary concerns.
This, in turn, triggers a fresh leg down in the US Treasury bond yields amid Trump's demand for lower rates, which drags the US Dollar (USD) to a one-month low and boosts demand for the non-yielding yellow metal.
Apart from this, worries about the potential economic fallout from Trump's protectionist policies turn out to be another factor driving flows towards the safe-haven Gold price.
That said, the underlying bullish tone around the equity markets might hold back traders from placing fresh bullish bets around the XAU/USD amid slightly overbought conditions on short-term charts. Nevertheless, the commodity remains on track to register gains for the fourth straight week as traders look to the flash global PMIs for short-term opportunities.
Source: FXStreet