Gold price holds above $2,900 mark; lacks bullish conviction amid positive risk tone
Gold price (XAU/USD) struggles for a firm direction during the Asian session and extends its sideways consolidative price move for the second straight day on Thursday.
Concerns about US President Donald Trump's tariff measures continue to act as a tailwind for the safe-haven bullion.
Apart from this, the bearish sentiment surrounding the US Dollar (USD) and rising bets for an earlier-than-expected interest rate cut by the Federal Reserve (Fed) turn out to be other factors underpinning the non-yielding yellow metal.
However, a generally positive tone around the equity markets holds back bulls from placing fresh bets around the Gold price. Investors also seem reluctant and opt to wait for the US monthly employment details, or the Nonfarm Payrolls (NFP) report, on Friday.
In the meantime, the usual Weekly Initial Jobless Claims from the US might provide some impetus later during the North American session. Nevertheless, the fundamental backdrop suggests that the path of least resistance for the XAU/USD pair remains to the upside.
Source: FXStreet