Gold recovers further from the monthly low, and climbs back closer to the $4,600 mark during the early European session. The US Dollar enters a bullish consolidation phase after touching a fresh high since April 13 and turns out to be a key factor acting as a tailwind for the commodity. However, the US Federal Reserve’s hawkish tilt, along with the US-Iran stalemate, favors the USD bulls and should keep a lid on any meaningful upside for the non-yielding yellow metal.