Gold prices edged higher during early Asian trading hours.
Bas Kooijman, CEO and asset manager at DHF Capital S.A., noted in a report that the precious metal has been trading in a range for weeks as the market weighs the rapidly evolving situation in the Middle East against shifting expectations for US monetary policy.
Kooijman stated that progress in US-Iran talks could potentially lower oil prices, limiting inflation concerns and pushing bond yields lower, which would reduce the downward pressure on gold.
He added that the market will closely monitor US labor data for any signals regarding the Federal Reserve's monetary policy outlook.
Spot gold was up 0.2% at $4,063.40 per ounce.
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