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US spot gold gains positive traction for the second straight day


Gold gains positive traction for the second straight day and moves away from a multi-week low.A modest US Dollar pullback from a six-month top is seen driving flows towards the XAU/USD.Bets for one more rate hike by the Federal Reserve and a positive risk tone should cap the upside.


Gold price builds on the previous day's goodish bounce from the $1,900 mark, or over a three-week low and gains some follow-through traction, for the second successive day on Friday. The momentum lifts the spot gold price to a three-day peak, around the $1,915-$1,916 region during the Asian session, though any meaningful appreciating move still seems elusive.


The US Dollar (USD) pulls back from its highest level since March touched on Thursday and is seen as a key factor driving some flows towards the US Dollar-denominated Gold price. The USD downtick could be attributed to some profit-taking amid a mildly softer tone surrounding the United States (US) government bond yields. That said, firming expectations that the Federal Reserve (Fed) will keep interest rates higher for longer should act as a tailwind for the US bond yields and the Greenback.



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