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US Gold price corrects on hawkish remarks by Fed officials

Gold price corrects further from the all-time high amid hawkish remarks by Fed officials.Some follow-through USD buying exerts some pressure ahead of the crucial US NFP data.

Persistent geopolitical tensions should limit the downside for the safe-haven XAU/USD.

Gold price (XAU/USD) drifts lower for the second straight day on Friday and maintains its offered tone through the early part of the European session. The US Dollar (USD) builds on the overnight recovery from a nearly two-week low and remains well supported by hawkish comments from Federal Reserve (Fed) officials, which, in turn, undermines the commodity. Apart from this, the downfall could further be attributed to some repositioning trade ahead of the release of the US monthly employment details.

In the meantime, persistent geopolitical tensions stemming from the Russia-Ukraine war and the risk of a further escalation of conflicts in the Middle East should act as a tailwind for the safe-haven XAU/USD. This should limit any meaningful corrective slide from the all-time peak.

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