Tradingkey – Following the release of the U.S. non-farm payroll data for June, gold prices ( XAUUSD) strengthened once again, rising to as high as $4,195.48 and nearing the $4,200 mark, on track to record its first weekly gain in nearly a month.

Overall gold prices have trended softer so far this year. With inflation concerns lingering and the U.S. dollar remaining strong, coupled with major global central banks turning hawkish after the U.S.-Iran conflict, a combination of negative factors has significantly weakened market demand for gold as a traditional safe-haven asset.

The current rise in gold prices was primarily driven by two labor market reports that fell short of expectations. Data showed that U.S. non-farm payrolls increased by…