0044 GMT — Gold rises in early Asian trade, with spot gold up 0.4% at $4,058.79 a troy ounce. The direction of the U.S. dollar, U.S. Treasury yields and incoming U.S. labor market data will affect gold's trends over the next few sessions more than the traditional safe-haven narrative, says Linh Tran, market analyst at XS.com. Geopolitical risks no longer mean that gold prices will have a one-direction reaction, as Middle East tensions can drive oil prices and inflation expectations higher as much as it can strengthen safe-haven demand, the analyst says.

Gold is currently in a transitional phase and recent gains look more like a technical rebound, the analyst adds. ([email protected]).