Gold price continues to draw support from bets for a 50 bps Fed rate cut in September. Falling US bond yields and softer USD also act as a tailwind for the non-yielding metal. Bulls, however, seem reluctant and await the release of the US NFP report on Friday. Gold price struggles to capitalize on the overnight bounce from the $2,472-2,471 area or a nearly two-week low and oscillates in a narrow trading band during the Asian session on Thursday.
Traders now look to Thursday's release of the US ADP report on private-sector employment and Weekly Initial Jobless Claims for some impetus ahead of the Nonfarm Payrolls report on Friday.
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