Gold price stands tall near all-time high, bullish USD might cap any further gains

• Gold price challenges all-time peak and draws support from a combination of factors.
• Expected rate cuts by major central banks and geopolitical risks boost the XAU/USD.
• Bulls seem rather unaffected by the recent USD rally, to its highest level since August. 

Gold price (XAU/USD) scales higher for the third straight day on Thursday – also marking the sixth day of a positive move in the previous seven – and retests the all-time peak during the Asian session. The expected interest rate cuts by major central banks, along with geopolitical risks stemming from the ongoing conflicts in the Middle East, turn out to be key factors driving flows towards the non-yielding yellow metal.

Meanwhile, growing acceptance that the Fed will proceed with modest interest rate cuts over the next year keeps the US Dollar (USD) firm near its highest level since early August. This, along with a positive risk tone, holds back traders from placing fresh bullish bets around the safe-haven Gold price and caps gains. Traders now look to the US macro data for some impetus later during the North American session.