Gold price bounces off two-week low, lacks follow-through ahead of US Q2 GDP print

Update XAUUSD

Gold price (XAU/USD) remains under heavy selling pressure for the second straight day and drops to a two-week low during the Asian session on Thursday. That said, a combination of supporting factors assists the commodity in attracting some buyers near the $2,365 area and trimming a part of intraday losses. Growing acceptance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September keeps the US Dollar (USD) depressed below a two-week high touched on Wednesday and acts as a tailwind for the non-yielding yellow metal.Apart from this, the risk-off impulse – as depicted by a weaker tone across the global equity markets, which tends to benefit traditional safe-haven assets, further lends some support to the Gold price. Traders, meanwhile, might refrain from placing aggressive directional bets and prefer to wait for more cues about the Fed’s policy path. Hence, the focus will remain glued to important US macro data – the Advance Q2 GDP print due for release later this Thursday and the crucial Personal Consumption Expenditures (PCE) Price Index on Friday.Daily Digest Market Movers: Gold price finds some support amid risk-off mood, softer USDGold price attracts some follow-through sellers on Thursday and dives to a two-week low, though any further depreciating move seems elusive in the wake of the risk-off impulse and dovish Federal Reserve expectations.The global risk sentiment took a hit following the release of mostly disappointing global flash PMIs on Wednesday, which added to worries about an economic slowdown and should offer some support to the safe-haven metal