Gold consolidates around $4,650, or the weekly low, during the Asian session on Friday and remains vulnerable amid a bullish US Dollar. Traders ramped up their bets for interest rate hikes from the Fed later this year following the release of this week’s US inflation figures and the US Retail Sales on Thursday. The hawkish outlook, along with geopolitical uncertainties and the latest optimism over improving US-China relations, acts as a tailwind for the US Dollar and could undermine the non-yielding bullion.
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