Spot Gold Holds $4,120/oz Amid U.S.-Iran Tensions, Labor Data Resilience Caps Gains

Spot gold is trading around $4,120 per ounce today, supported by renewed U.S.-Iran tensions and Strait of Hormuz risk concerns. Investors are seeking safe-haven protection as geopolitical headlines dominate market focus amid a quiet economic calendar.

Yesterday's U.S. labor data showed initial jobless claims fell to 215,000 versus 217,000 expected, with continuing claims at 1.814 million. Wage growth rose to 3.6%, while 47% of service firms and 44% of manufacturers plan further price increases. The combination of sticky inflation pressures and resilient job market data limits gold's upside potential, despite safe-haven buying.