• XAU/USD climbs back over $2,060.00 on Friday.
• A miss on US ISM PMI numbers are fueling investor appetite.
• Hopes for Fed rate cuts mount with each data print that suggests easing inflation.

Spot Gold caught a bump on Friday after the US ISM Manufacturing Purchasing Manager Index (PMI) came in below expectations, sparking renewed hopes of the Federal Reserve (Fed) delivering rate cuts sooner rather than later.

The US ISM Manufacturing PMI for February unexpectedly slid back on Friday, printing at 47.8 versus the forecast increase to 49.5 against the previous month's 49.1.

Read more: ISM Manufacturing PMI declines to 47.8 in February vs. 49.5 expected

The Fed's latest Monetary Policy Report revealed the Fed is cautiously optimistic that inflation is coming under control, albeit with some notable sticking points in a still-tight labor market and stubborn shelter and rent prices inflation caused by housing supply constraints