Gold price approaches two-week high set on Thursday as US fiscal concerns weigh on USD
Gold price (XAU/USD) retains its intraday bullish bias through the first half of the European session on Friday and is currently placed just below a two-week high touched the previous day.
Concerns about the worsening US fiscal outlook, renewed US-China trade tensions, and persistent geopolitical risks turn out to be key factors underpinning the safe-haven precious metal.
Meanwhile, the US Dollar (USD) struggles to capitalize on Thursday's upbeat US data-inspired gains amid bets for more rate cuts by the Federal Reserve (Fed).
This lends additional support to the non-yielding Gold price and supports prospects for additional gains. Nevertheless, the XAU/USD pair remains on track to register its best weekly gain in more than a month.
Source: Fxstreet