• Gold price grinds lower after snapping two-day winning streak as bulls await the key United States statistics.
• Downbeat sentiment, mostly upbeat US data and steady Treasury bond yields prod XAU/USD bulls.
• Softer US Q1 Gross Domestic Product can enable Gold price to refresh 2023 high.

Gold price (XAU/USD) pares the first weekly gains in thee after snapping a two-day uptrend the previous day, depressed near $1,990 amid early Thursday. In doing so, the yellow metal justifies the market’s cautious mood ahead of the United States' first quarter (Q1) Gross Domestic Product (GDP), especially amid banking sector fears and recently mixed US data. That said, the US Dollar’s rebound during late Wednesday also exert downside pressure on the XAU/USD price. Furthermore, the ongoing voting on the bill suggesting an increase in the US debt ceiling adds to the market’s anxiety and keeps the Gold price on a back foot.