NNA – Gold price (XAU/USD) gainednbsp;positive traction for the second successive day on Friday and advancednbsp;to a fresh record high, beyond the $2,600 mark during the early European session. The Federal Reserve#39;s (Fed) oversized interest rate cut on Wednesday was accompanied by a projection for another 50 basis points fall in borrowing costs by the end of this year.
Thenbsp;outlooknbsp;keeps a lid on the recent recovery in the US Treasury bond yields, which is seen undermining the US Dollar (USD) and benefiting the non-yielding yellow metal.nbsp;
Apart from this, persistent worries over a slowdown in thenbsp;United Statesnbsp;(US) and China ndash; the world#39;s two largest economies ndash; and the risk of a further escalation of geopolitical tensions in the Middle East turn out to be another factor lending support to the Gold price. That said, the prevalent risk-on mood might hold back bulls from placing fresh bets and cap the upside for the safe-haven XAU/USD. Nevertheless, the commodity seems poised to end in the green for the second straight week and the fundamental backdrop supports prospects for further gains.
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