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Gold price retreats from weekly top

Gold Price retreats from the weekly top, probing a two-day uptrend around $1,972 amid early hours of Thursday’s Asian session, as markets await more clues to defend the post-Federal Reserve (Fed) gains of the yellow metal.

Also likely to have weighed on the gold price could be the cautious mood ahead of the first readings of the US Gross Domestic Product (GDP) for the second quarter (Q2) and the European Central Bank’s (ECB) monetary policy meeting.

Above all, the Federal Reserve and Chairman Jerome Powell’s inability to guide the market by meeting the 0.25% rate hike and leaving the door open for the September rate increase favored the Gold buyers before the pre-data anxiety prods the metal.

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