Gold breaks below $4,600 as dollar, yields overpower haven demand - Kitco AM Report

Kitco05-15

(Kitco NewsWire) - Spot gold and silver prices are sharply lower in early U.S. trading Friday, as a firmer U.S. dollar, higher Treasury yields and oil-led inflation concerns offset safe-haven demand ...

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At the time of writing, spot gold was trading near $4,550.00 an ounce, down 2.17%, while spot silver was trading at $77.970, down 6.47% on the session.Gold’s four-session slide accelerated after this week’s inflation sequence left traders less willing to price near-term Federal Reserve easing. April CPI, PPI and import-price data all landed in the market’s rate path before the U.S. open, with the 10-year Treasury yield trading near the 4.5% area and the U.S. dollar index firmer above 99. The pressure was heaviest in silver, where the day’s range widened to $76.71 to $84.00 as momentum accounts forced the metal through the $80 zone.The Strait of Hormuz remains the central geopolitical variable across energy, inflation and metals. The U.S.-Iran ceasefire has held for more than one month, but shipping flows remain far from normal, with 10 vessel crossings in one 24-hour shipping-analytics count versus roughly 140 daily crossings before the conflict. U.S. President Donald Trump and Chinese President Xi Jinping agreed that Iran cannot have nuclear weapons and that Hormuz must fully reopen, but Trump’s warning that patience with Tehran is running out moved crude higher. For gold, the setup is two-sided: the still-live conflict supports defensive demand, while $100-plus WTI and higher Brent feed inflation expectations, lift yields and pressure non-yielding metals. For broader markets, the current impact is clearest in oil, U.S. rates, the dollar and pre-market equity weakness.Global markets were softer before the U.S. open. S&P 500 futures were down 0.83%, Dow futures fell 0.47% and VIX futures rose 8.62%. In Asia, Japan’s Nikkei 225 dropped 1.99% and China’s Shanghai Composite lost 1.02%. In Europe, the STOXX Europe 600 fell 1.15% and the FTSE 100 lost 1.32%, while the market repriced the week’s oil shock into rates and growth-sensitive equities.Solid manufacturing activity from the New York Federal Reserve could put further pressure on gold. The regional central bank reported on Friday that its Empire State Manufacturing Survey rose more than expected, jumping to 19.5 in May, compared to April’s reading of 11. The data significantly beat consensus estimates; economists were forecasting a decline to 7.3. The survey shows activity in the region has risen to its highest level since November 2024.Traders are watching industrial production and capacity utilization at 9:15 a.m. ET, the Survey of Professional Forecasters at 10 a.m. ET and the New York Fed Staff Nowcast at 12:45 p.m. ET.The key outside markets see Nymex WTI crude oil prices higher and trading around $100.54 a barrel, while Brent crude was near $108.68. The U.S. dollar index is firmer. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.5% area.Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,605.15 to $4,637.31 resistance zone, with a sustained move targeting $4,671 and then $4,729.85. Bears’ next near-term downside price objective is a break below $4,541.88, with deeper downside targets at $4,503 and then $4,481.78. First resistance is seen at $4,605.15 and then at $4,637.31. First support is seen at $4,541.88 and then at $4,503.Spot silver bulls’ next upside price objective is to drive prices back above the $80.00 to $80.79 area, with a move above that zone targeting $82.00 and then $84.00. The next downside price objective for the bears is a break below $76.50, with deeper downside targets at $76.15 and then $74.94. First resistance is seen at $80.00 and then at $80.79. Next support is seen at $76.50 and then at $76.15.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2635877750","isCrawlerRequest":true}