Gold price (XAU/USD) gains positive traction for the sixth successive day on Thursday and climbs back above the $2,030 level during the early part of the European session, closer to over a one-week high touched the previous day. Despite the Federal Reserve's (Fed) hawkish outlook on interest rates, the US Dollar (USD) drops to a three-week low and turns out to be a key factor underpinning the commodity. Apart from this, concerns about geopolitical tensions stemming from conflicts in the Middle East further benefit the precious metal's safe-haven status and remain supportive of the move up. 

Meanwhile, the minutes of the January FOMC meeting reaffirmed market expectations that the Fed will keep rates higher for longer amid sticky inflation and the still-resilient US economy. This remains supportive of elevated US Treasury bond yields, which should help limit deeper losses for the USD and act as a headwind for the non-yielding Gold price. Furthermore, a generally positive tone around the equity markets makes it prudent to wait for a sustained break and acceptance above the 50-day Simple Moving Average (SMA) before placing fresh bullish bets around the XAU/USD.