Gold Prices Steady as US-Iran Talks Weigh on Rate Hike Outlook
Gold prices remained steady on Tuesday as investors weighed mixed signals on potential US-Iran talks and awaited crucial labour market reports for clues on the Federal Reserve's interest-rate trajectory.
Spot gold rose 0.2% to $4,059.81 per ounce by 0257 GMT, with investors looking ahead to reports on the US labour market, including job opening data later in the day, the ADP employment report on Wednesday and nonfarm payrolls figures on Friday.
Ajay Kedia, director at Mumbai-based Kedia Commodities, said gold is currently in a consolidation phase. If there's weakness in the job market, it could pressure the US dollar and result in gains for gold.