Gold advances in early Asian trade after gaining overnight on a softer dollar and lower Treasury yields. Efforts to resolve the Middle East crisis will remain the main driver for the precious metal, which has tumbled throughout the conflict as the oil shock spurred rate-hike views and haven flows strengthened the dollar.

Progress toward a resolution could lower bond yields and benefit gold, while any setback could spark demand for the greenback and weigh on the precious metal, says Konstantinos Chrysikos at Kudo.com.

Markets are still pricing in a hike at the Fed’s next meeting, but the odds of a hold are rising—a shift that could support bullion. The coming U.S. jobs data could influence whether more dovish views gather traction. Spot gold is up 0.6% to $4,276.31 an ounce.