If you go through all the steps with your polishing pads it should bring it back to gloss. Don’t skip any grits and be sure to remove all scratches from the previous grit before going on to the next one. Might want to rinse whatever you’re polishing between grits and be careful not to rub through.
As others say, you can indeed sand and polish to a high gloss. But using clear coat is a lot easier. I hit the surface with 1000 grit to get the imperfections and dust specs cleaned up, then hit it with some form of clear coat. Much easier than all the use of the really fine papers and polishing.
ps… your dust might a product of static… all the rubbing will add static cling to the model… Rub it down with a used dryer sheet… then… you’ll have a static free surface, less chance of dust settling down on your finish…
Note also that if your gloss black coat is a primer for a top coat, any polishing compund you use must not contain wax as this will cause adhesion issues.
Actually, just the act of spraying a liquid generates static, especially on very low humidity winter days. This is true for either spray can or airbrush. So anything you can do to kill static helps. Several folks I know spray the area where they paint with a spray bottle of water about ten to fifteen minutes before they paint. Adds some humidity to air.