Gold is seen consolidating near $4,700 during the Asian session on Thursday, just below a one-and-a-half-week top touched the previous day. The US Dollar remains on the defensive amid the optimism over a potential US-Iran peace deal and diminishing odds for a Fed rate hike in 2026, which, in turn, is seen acting as a tailwind for the bullion. The XAU/USD bulls, however, seem hesitant, as the market focus remains fixed on the US NFP report on Friday.
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