Gold price drifts higher ahead of US GDP data

Most recent article: Gold price dips as traders brace for US GDP data

• Gold price rebounds above $2,500 in Thursday’s Asian session. 
• Rising Fed rate cut expectations and ongoing conflicts in the Middle East underpin the yellow metal. 
• A firmer US Dollar might limit Gold’s upside. 

Gold price (XAU/USD) recovers some lost ground on Thursday after bouncing off the weekly lows in the sub-$2,500 region per troy ounce. The expectation of US interest rate cuts might lift the Gold demand as lower interest rates reduce the opportunity cost of holding non-yielding gold. Additionally, the current political uncertainty in the US, geopolitical tensions in the Middle East and global economic concerns contribute to the precious metal’s upside.