Gold Prices Pare Some Intraday Gains, Steady Ahead Of European Session
Gold price (XAU/USD) trims a part of intraday gains, though it retains positive bias for the first time in three days and holds comfortably above the $3,300 mark through the Asian session on Thursday. Hopes for a possible US-China trade deal, along with easing fears about the Federal Reserve's (Fed) independence, remain supportive of a positive risk tone. This, in turn, is seen as a key factor acting as a headwind for the safe-haven bullion.
Meanwhile, US Treasury Secretary Scott Bessent tempered expectations for a quick resolution to the US-China trade standoff. Apart from this, a modest US Dollar (USD) downtick and the prospects for a more aggressive policy easing by the Fed offer support to the non-yielding Gold price. This makes it prudent to wait for strong follow-through selling before positioning for the resumption of this week's corrective pullback from the all-time peak.
Source: FXStreet