Gold held on to its modest intraday gains through the early North American session and refreshed one-week tops, around the $1850 region post-US CPI figures.
A subdued US dollar demand assisted the dollar-denominated commodity to gain some positive traction for the fourth consecutive session on Wednesday. However, a combination of factors might hold held bullish traders from placing aggressive bets and keep a lid on any runaway rally for the XAU/USD, at least for the time being.
The optimism over the progress in coronavirus vaccination has been fueling hopes for a strong global economic recovery. This, along with developments to fast-track the US President Joe Biden’s $1.9 trillion COVID-19 stimulus package, continued boosting investors’ sentiment and undermined demand for the safe-haven XAU/USD.
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