Gold is consolidating above $4,700 in the Asian session on Thursday, just near a one-and-a-half-week top touched the previous day. The US Dollar remains on the defensive amid the optimism over a potential US-Iran peace deal and diminishing odds for a Fed rate hike in 2026, which, in turn, acts as a tailwind for the bullion. The XAU/USD bulls, however, seem hesitant, as the market focus remains fixed on the US NFP report on Friday.