• Gold price attracts some buyers for the second straight day amid sliding US bond yields.
• Geopolitical risks and the uncertain global economic outlook further benefit the metal.
• Delayed Fed rate cut bets could cap gains ahead of the release of the US PCE Price Index.

Gold price (XAU/USD) ticks higher for the second straight day on Friday, albeit with a lack of follow-through buying and trades below the $2,025 level during the Asian session. The stronger-than-expected economic growth figures released from the United States (US) on Thursday, along with signs of slowing inflation, improved prospects for a soft landing and dragged the US Treasury bond yields lower. This, in turn, keeps the US Dollar (USD) below its highest level since December 13 touched earlier this week and acts as a tailwind for the non-yielding yellow metal.

Apart from this, geopolitical risks stemming from conflicts in the Middle East, along with the uncertain global economic outlook, turn out to be another factor lending some support to the safe-haven Gold price. That said, reduced bets for an early interest rate cut by the Federal Reserve and a more aggressive policy easing in 2024 should help limit the downside for the Greenback. This, in turn, warrants caution before placing bullish bets around the precious metal and positioning for any appreciating move ahead of the US Personal Consumption Expenditures (PCE) Price Index