Gold remains on the defensive below $4,800 during the Asian session on Friday, albeit it lacks bearish conviction and seems poised to end in the green for the third straight week. The overnight US Dollar recovery from the lowest level since late February remains capped amid hopes for Iran diplomacy, bolstered by the Israel-Lebanon ceasefire, and declining expectations for a rate hike by the US Fed. This, in turn, acts as a tailwind for the bullion, warranting caution before positioning for deeper losses.
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