Gold price sticks to intraday gains near two-week top, trades above $3,300 mark
Gold price (XAU/USD) retains its positive bias above the $3,300 mark and trades near a one-and-a-half-week top through the first half of the European session on Wednesday.
The US Dollar (USD) selling bias remains unabated in the wake of bets that the Federal Reserve (Fed) will cut interest rates further in 2025 and US fiscal concerns. This, in turn, is seen as a key factor pushing the commodity higher for the third straight day.
Meanwhile, Fed officials adopted a cautious tone on the US economic outlook. Apart from this, a surprise downgrade of the US government's sovereign credit rating last Friday, persistent geopolitical risks, and renewed US-China trade tensions further underpin the safe-haven Gold price.
This, along with the overnight breakout above the $3,250-3,255 hurdle and a subsequent move beyond the $3,300 mark, favors the XAU/USD bulls.
Source: Fxstreet