Gold holds ground with Middle East turmoil, US jobs data in focus
GLD•Silver, platinum and palladium also rise
Spot silver XAG= gained 1% to $58.74 per ounce, platinum XPT= firmed 1.2% to $1,646.59 and palladium XPD= rose 1.2% to $1,279.55.
Gold edges higher as traders watch U.S. labor data
Gold nudged higher on Tuesday as investors weighed mixed signals on potential U.S.-Iran talks and awaited a series of U.S. labor market reports this week for clues on the Federal Reserve's interest-rate trajectory.
Spot gold XAU= rose 0.2% to $4,059.81 per ounce by 0257 GMT, with investors looking ahead to reports on the U.S. labour market, including job opening data later in the day, the ADP employment report on Wednesday and nonfarm payrolls figures on Friday.
"Gold is currently in a consolidation phase. If we see weakness in the job market, it could pressure the U.S. dollar and as result there will be gains in gold," said Ajay Kedia, director at Mumbai-based Kedia Commodities.
Iran tensions and Fed rate expectations remain in focus
U.S. President Donald Trump said talks with Iran were under way, warning it was a "last chance" for Tehran to sign a good deal to end the five-month-old war. Iran denied that any negotiations were being held or planned.
The conflict has driven up energy costs and stoked inflation fears, which could prompt central banks to raise interest rates to keep price pressures in check.
While gold is traditionally seen as an inflation hedge, higher rates tend to weigh on the metal since it yields no interest.
