• Gold price remains confined in a narrow trading range amid mixed fundamental cues.
• Geopolitical risks lend support to the metal, though the recent USD strength caps gains.
• Traders also seem reluctant and look to the US NFP report before placing directional bets.

Gold price (XAU/USD) extends its sideways consolidative price move in a familiar range held since the beginning of the current week as traders await a fresh catalyst before positioning for the next leg of a directional move. Hence, the focus remains glued to the release of the closely-watched US monthly employment details, due later during the North American session this Friday. The popularly known Nonfarm Payrolls (NFP) report might influence expectations about the pace of the Federal Reserve's (Fed) rate-cutting cycle. This, in turn, will play a key role in driving the US Dollar (USD) demand in the near term and provide some meaningful impetus to the non-yielding yellow metal.

Heading into the key data risk, diminishing odds for a more aggressive policy easing by the Fed and an oversized rate cut at the next policy meeting in November keep the US Dollar (USD) firm near a one-month peak on Thursday. This, in turn, is seen as a key factor acting as a headwind for the Gold price. That said, a further escalation of geopolitical tensions in the Middle East and the growing risk of a broader conflict act as a tailwind for the safe-haven precious metal. Nevertheless, the XAU/USD remains within striking distance of the all-time peak touched last week.