Gold price struggles to capitalize on the overnight bounce from multi-week low

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• Gold price is seen consolidating in a range during the Asian session on Friday.
• Reviving bets for one more Fed rate hike underpin the USD and cap the metal’s upside.
• Receding safe-haven demand might contribute to keeping a lid on the non-yielding asset while China’s economic woes may mitigate its losses.

Gold price (XAU/USD) struggles to capitalize on the previous day’s goodish bounce from the $1,944 area, or over a three-week low and oscillates in a narrow range during the Asian session on Friday. Currently trading above the $1,955 level, the precious metal remains on track for its worst week in more than a month in the wake of the recent US Dollar (USD) recovery from its lowest level since September 20 touched on Monday.