That being said, the dovish commentary from central bank policymakers creates a tailwind for the yellow metal. The Fed Chair Jerome Powell said the US central bank is "not far" from gaining enough confidence that inflation will reach its 2% target to begin lowering interest rates. Investors will take more cues from the US Nonfarm Payrolls (NFP) data on Friday for fresh impetus, which is expected to see 200,000 jobs added to the US economy. However, the stronger-than-expected data might lift the Greenback and exert some selling pressure on the gold price.
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