• Gold price consolidates the previous day’s strong move up to a two-week high.
• Bets for a September rate cut by the Fed continue to lend support to the XAU/USD.
• The overnight rise in the US bond yields underpins the USD and caps the upside.

Gold price (XAU/USD) oscillates in a range during the Asian session on Friday and consolidates the previous day's strong move up to a two-week high, around the $2,360-2,365 area. The near-term bias, meanwhile, seems tilted in favor of bulls amid the case for interest rate cuts from the Federal Reserve (Fed) this year. The expectations were reaffirmed by softer US economic data released on Thursday, which added to the recent signs of a slowing economy. This, along with a convincing breakout through the 50-day Simple Moving Average (SMA), favors bullish traders and suggests that the path of least resistance for the commodity is to the upside. 

Meanwhile, the Bank of England's (BoE) dovish outlook on Thursday lifted bets for an interest rate cut in August. Furthermore, the European Central Bank's (ECB) decision to start cutting interest rates earlier this month and the Swiss National Bank's (SNB) second rate cut of 2024 on Thursday further validate the near-term positive outlook for the non-yielding Gold price. That said, an uptick in the US Treasury bond yields and the underlying bullish tone across the global equity markets turn out to be key factors acting as a headwind for the safe-haven precious metal. Nevertheless, the XAU/USD remains on track to register gains for the second straight week.