Gold holds above $4,200 as Hormuz risk premium unwinds - Kitco AM Report

Kitco06-12 12:42

(Kitco NewsWire) - Spot gold prices are steady and spot silver prices are weaker in early U.S. trading Friday, as oil prices fell sharply on U.S.-Iran deal hopes, U.S. equity futures edged higher and ...

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At the time of writing, spot gold was trading near $4,210.10 an ounce, down 0.04%, while spot silver was trading at $67.025, down 0.49% on the session.This week’s inflation data remains the main macro anchor for precious metals. The May CPI report showed headline inflation at 4.2% year over year, while the May PPI report showed producer prices rising 6.5% from a year earlier. The data kept the Fed-rate channel restrictive for gold and silver, but Friday’s oil selloff is easing part of the energy-inflation pressure that dominated the midweek trade.The latest U.S.-Iran setup is being priced as de-escalation risk rather than a new supply shock. President Donald Trump called off planned strikes against Iran and said a peace deal could reopen Hormuz as soon as this weekend, while Tehran said no final decision had been made. Brent crude briefly traded below $85 a barrel after starting overnight trade near $93, then stabilized near $87.50, leaving energy lower, Treasury yields softer and equity futures firmer. Gold is not drawing a clean haven bid because the same headlines reducing conflict risk are also lowering oil-driven inflation expectations, while silver is caught between lower yields and weaker industrial-cycle signaling from crude.U.S. equity futures pointed higher before the open, extending Thursday’s risk rebound after the S&P 500 rose 1.8%, the Dow Jones Industrial Average rose 1.9% and the Nasdaq Composite gained 2.5%. The recovery was tied to lower oil prices, lower Treasury yields and improved expectations that crude flows through the Gulf could normalize if a U.S.-Iran agreement is signed.The key outside markets see Nymex WTI crude oil prices sharply lower and trading below $85 a barrel, while Brent crude was near $87.50. The U.S. dollar index is softer. The yield on the benchmark 10-year U.S. Treasury note is lower in early trade.Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,250.00 to $4,350.00 resistance zone, with a sustained move targeting $4,500.00 and then the $4,575.00 area. Bears’ next near-term downside price objective is a break below $4,104.00, with deeper downside targets at $4,000.00 and then $3,900.00. First resistance is seen at $4,194.00 and then at $4,250.00. First support is seen at $4,154.00 and then at $4,104.00.Spot silver bulls’ next upside price objective is to drive prices back above the $68.53 to $72.00 resistance zone, with a move above that zone targeting $72.47 and then $80.00. The next downside price objective for the bears is a break below $66.09, with deeper downside targets at $62.15 and then the $60.00 to $50.00 long-term buy zone. First resistance is seen at $68.53 and then at $72.00. Next support is seen at $66.09 and then at $62.15.","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":"4.43.1","shortVersion":"4.43.1","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/2642318295","isCrawlerRequest":true}