DHF Capital S.A.'s Bas Kooijman notes gold trading in a range due to Middle East tensions and U.S. monetary policy shifts. Progress in U.S.-Iran talks could lower oil prices, easing inflation and bond yields, which supports gold. Markets focus on U.S. labor data for Fed policy signals. Spot gold is 0.2% higher at $4,063.40 per ounce. This aligns with broader market caution amid geopolitical uncertainty and evolving central bank stances.

The emphasis on labor data reflects its role in shaping inflation expectations. A stronger-than-expected report could push the Fed toward rate hikes, weighing on gold. Conversely, weak data might reinforce dovish policies, favoring precious metals. Analysts stress monitoring both U.S.-Iran negotiations and central bank rhetoric for near-term direction. The $4,063.40 level acts as a technical reference point for traders navigating these dual pressures.