GOLD PRICE TRADES WITH MODEST GAINS, REMAINS CLOSE TO ALL-TIME PEAK TOUCHED ON WEDNESDAY
- Gold price attracts some dip-buying following the overnight pullback from the record high.
- Bets that the Fed will begin its rate-cutting cycle in September continue to act as a tailwind.
- A modest USD uptick, along with the risk-on environment, might cap further intraday gains.
Gold price (XAU/USD) ticks higher during the Asian session on Thursday and for now, seems to have stalled its retracement slide from a fresh record high touched the previous day. The precious metal currently trades just above the $2,460 level, though a combination of factors might keep a lid on any meaningful intraday appreciating move.
The US Dollar (USD) attracts some buyers and reverses a part of the previous day's heavy losses to a nearly four-month low in the wake of a modest uptick in the US Treasury bond yields. This, along with the prevalent strong bullish sentiment across the global equity markets, could act as a headwind for the safe-haven Gold price. The near-term bias, however, seems tilted firmly in favor of bullish traders.
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