Gold price flat-lines below $2,200 mark, looks to US PCE Price Index on Friday for fresh impetus

Gold price (XAU/USD) extends its sideways consolidative price move and remains below the $2,200 mark through the first half of the European session on Wednesday. Traders now seem reluctant and opt to wait for more cues about the Federal Reserve's (Fed) policy path before placing fresh directional bets. Hence, the focus will remain glued to the release of the US Personal Consumption and Expenditure (PCE) Price Index on Friday. The data should play a key role in driving the US Dollar (USD) demand and provide some meaningful impetus to the non-yielding yellow metal.

In the meantime, the Fed's projected three interest rate cuts this year continue to act as a tailwind for the Gold price. Meanwhile, Tuesday's slightly better-thane-expected US Durable Goods Orders validated the optimistic view about US economic growth. Apart from this, sticky inflation in the US might force the Fed to keep interest rates higher for longer, which remains supportive of elevated US Treasury bond yields. This, in turn, lifts the US Dollar (USD) back closer to a multi-week high touched last Friday and acts as a headwind for the XAU/USD, warranting caution for bullish traders.

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