• 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 (XAU/USD) 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. The downside, however, remains cushioned in the wake of rising bets for a larger interest rate cut by the Federal Reserve (Fed), bolstered by a US labor market report showing that job openings fell to a three-and-a-half-year low in July. This comes on top of soft US manufacturing data on Tuesday and raises concerns about the health of the economy, which tempers investors' appetite for riskier assets and should further act as a tailwind for the safe-haven precious metal.

Despite the aforementioned supportive fundamental backdrop, traders seem reluctant to place aggressive bullish bets around the Gold price ahead of the crucial US monthly employment details – popularly known as the Nonfarm Payrolls (NFP) report on Friday. In the meantime, Thursday's US economic docket – featuring the release of the ADP report on private sector employment and the usual Weekly Jobless Claims – will be looked upon for short-term trading opportunities. Nevertheless, expectations for an imminent start of the Fed's policy-easing cycle might continue to lend support to the XAU/USD and support prospects for the emergence of dip-buying at lower levels.