Gold Price Forecast: XAU/USD trades with modest gains above $1,970, lacks bullish conviction

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• Gold price catches fresh bids on Friday and reverses a part of the overnight losses.
• A modest downtick in the US bond yields undermines the USD and lends support.
• Geopolitical tensions also benefit the XAU/USD, though the upside seems capped.

Gold price (XAU/USD) attracts some buying during the Asian session on Friday and for now, seems to have stalled the previous day’s retracement slide from the $1,885 region, or over a two-week high. The yellow metal currently trades just above the $1,870 level, up 0.10% for the day, though any meaningful appreciating move now seems elusive.