XAU/USD broke a new record high, at $3,547, even as it struggled to build momentum amid significant buying support. The difficulty also came as a result of a strengthening US dollar weighing on gold asset prices.
At 9.30 am, gold was at $3,538.28, up 0.14% since it opened early Wednesday in Asian trading.
Support in the US dollar was somewhat limited on the strengthening expectation that the Federal Reserve (Fed) would cut interest rates at the next FOMC meeting.
Meanwhile, market participants expect the US central bank to implement two 25 basis point rate cuts by the end of the year, which should provide positive support for gold.
Investors remained stressed amid ongoing trade-related uncertainty and renewed geopolitical risks stemming from the Russia-Ukraine conflict and the Middle East tensions.
For now, investors are awaiting the release of the US JOLTS Job Openings data for some encouragement later on Wednesday. The US economic docket this week also features the release of the ADP report on private sector employment and the ISM Services PMI on Thursday.
However, focus remains on the closely watched US Nonfarm Payrolls (NFP) report, which is due later in the week.
