XAU/USD remains pressured below $4,700 amid firm USD

Gold remains capped below $4,700, pressured by a stronger US Dollar and reduced Fed rate cut expectations.
Geopolitical tensions around the Strait of Hormuz support the Greenback and weigh on the non-yielding metal.
XAU/USD keeps a bearish bias below key moving averages, with downside risks.

Gold (XAU/USD) remains under pressure on Thursday but holds near $4,700 at the time of writing, showing some resilience despite an unfavorable backdrop.

The rise of the US Dollar (USD), supported by geopolitical tensions surrounding Iran and the Strait of Hormuz, weighs on the yellow metal. At the same time, persistent inflation concerns are reducing expectations for Federal Reserve (Fed) rate cuts, further strengthening the Greenback and pressuring the non-yielding asset.

Although geopolitical risks remain elevated, the overall backdrop stays bearish for Gold, and markets are awaiting a clear break below $4,700 to confirm a deeper decline.