• Gold price fails to lure buyers amid a fresh leg up in the US bond yields, modest USD uptick.
• A positive risk tone also contributes to capping the upside for the safe-haven precious metal.
• Traders, however, might prefer to wait for the US NFP report before placing aggressive bets.

Gold price (XAU/USD) struggles to capitalize on the previous day's goodish recovery from the $2,282-2,281 region or a nearly four-week low and oscillates in a narrow band during the Asian session on Thursday. As was widely anticipated, the Federal Reserve (Fed) kept its benchmark interest rate unchanged at the end of a two-day meeting on Wednesday, though it reiterated that it wants to gain greater confidence that inflation will continue to fall before cutting rates. This, in turn, triggers a fresh leg up in the US Treasury bond yields, which lends some support to the US Dollar (USD) and acts as a headwind for the non-yielding yellow metal. 

In the post-meeting press conference, Fed Chair Jerome Powell acknowledged that the progress towards the 2% annual inflation target had largely stalled, though dismissed the prospect of a rate hike. This, along with easing fears about a further escalation of geopolitical tensions in the Middle East, boosts investors' appetite for riskier assets and turns out to be another factor contributing to capping the upside for the safe haven Gold price. That said, the recent repeated failures to find acceptance below the $2,300 mark warrants caution for bearish traders and positioning for further losses ahead of the release of the US Nonfarm Payrolls (NFP) on Friday.