Gold Prices Hold Steady Amidst Mideast Tensions and Labour Market Reports

Gold prices held steady amidst Middle East tensions and awaited US labour market reports. The precious metal rose by 0.2% to $4,061.96 per ounce at 0650 GMT. U.S. gold futures increased by 0.7% to $4,118.30.

The US labour market reports due this week include job opening data later in the day, the ADP employment report on Wednesday and nonfarm payrolls figures on Friday. According to Ajay Kedia, director at Mumbai-based Kedia Commodities, '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.'