Gold Sees Gains Amid Mixed Iran Signals and Labor Market Anticipation

Gold prices rose on Tuesday as investors weighed mixed signals from potential U.S.-Iran talks and awaited key labor market reports for clues on the Federal Reserve's interest rate trajectory.

The spot gold price increased by 0.2% to $4,062.41 per ounce at 0504 GMT, while U.S. gold futures rose 0.7% to $4,117.50.

Ajay Kedia, director at Mumbai-based Kedia Commodities, stated that '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.'

Traders expect a 65% chance of a rate hike in September after a divided Fed maintained the status quo at its last policy meeting.