Gold steadies following the previous day's volatile two-way price swings and trades just below $4,050 during the Asian session on Thursday as traders now look to the crucial US NFP report for fresh impetus. In the meantime, Wednesday's US economic data kept Fed rate-hike expectations elevated and continues to act as a tailwind for the US Dollar. Furthermore, the uncertainty over US-Iran talks underpins the safe-haven buck, which, in turn, should cap the bullion.

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.