Gold price (XAU/USD) continues with its struggle to gain meaningful traction on Friday and remains confined in the weekly range through the early European session.
Gold price remains on the defensive amid the Fed ’shigher-for-longer rates narrative. A positive risk tone further undermines the metal, though a weaker USD lends support. Traders look to thekeyUS jobs report before positioning for a firm near-term direction. Gold price continueswith its struggleto gain meaningful traction on Friday and remains confined in the weekly range through the early European session.
Fed Chair Jerome Powell,addressing the post-meeting press conference on Wednesday, acknowledged that the progress towards the 2% annual inflation target had largely stalled, though ruled out the possibility of any further rate hikes.Thisdrags the USD lower for the third straightday,to a three-week low, which couldoffer some support tothe Gold price.
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