Precious metals firm as crude slides, stocks rise on U.S.-Iran talks - Kitco PM Report

Kitco06-12 21:02

(Kitco NewsWire) - Spot gold prices are firmer and spot silver prices are also higher after the close Friday, as oil prices fell on U.S.-Iran deal hopes, Treasury yields ended the week lower and U.S. ...

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At the time of writing, spot gold was trading near $4,217.00 an ounce, up 0.13%, while spot silver was trading at $67.985, up 0.94% on the session.This week’s inflation data remains the main macro anchor for precious metals. May consumer prices rose 4.2% from a year earlier, while producer prices rose 6.5%, keeping the Fed-rate channel restrictive even as Friday’s oil selloff eased part of the energy-inflation pressure that dominated the midweek trade. Gold stabilized into the close, but the metal remains below the moving-average resistance zone that has capped rebounds since the post-payrolls breakdown.President Donald Trump’s decision to call off renewed strikes and the prospect of a deal that could reopen the waterway pushed crude sharply lower, with Brent down 3.4% and front-month WTI also down nearly 4%. That move lowered the inflation-risk premium in Treasuries, supported equities and reduced the need for a clean safe-haven bid in gold. For silver, the cross-current is cleaner but not bullish enough to erase the technical damage: lower yields help, while weaker crude signals less stress in the industrial and inflation cycle.U.S. stocks finished higher as the oil decline and SpaceX’s market debut supported risk appetite. The S&P 500 rose 37.16 points, or 0.5%, to 7,431.46, the Dow Jones Industrial Average added 353.51 points, or 0.7%, to 51,202.26 and the Nasdaq Composite gained 79.18 points, or 0.3%, to 25,888.84. The Russell 2000 rose 22.96 points, or 0.8%, to 2,943.99.The key outside markets see Nymex WTI crude oil prices sharply lower and trading around $84.38 a barrel, while Brent crude was near $87.31. The U.S. dollar index is softer. The benchmark 10-year U.S. Treasury yield ended the week lower, with no approved live DXY level included.Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,194.00 to $4,250.00 resistance zone, with a sustained move targeting the 50-day moving average at $4,446.69 and then the bull-bear line at $4,481.78. Bears’ next near-term downside price objective is a break below $4,104.00, with deeper downside targets at $4,023.87 and then $4,000.00. First resistance is seen at $4,194.00 and then at $4,250.00. First support is seen at $4,104.00 and then at $4,023.87.Spot silver bulls’ next upside price objective is to drive prices back above the $68.53 to $72.47 resistance zone, with a move above that zone targeting $74.00 and then $76.00. The next downside price objective for the bears is a break below $66.09, with deeper downside targets at $62.15 and then $58.00. First resistance is seen at $68.53 and then at $72.47. 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/2643131922","isCrawlerRequest":true}