(Kitco NewsWire) - Spot gold prices are higher and spot silver prices are slightly lower in early U.S. trading Friday, as lower crude oil prices and easing Treasury yields supported bullion while silver remained capped below near-term moving-average resistance. At the time of writing, spot gold was trading near $4,528.90 an ounce, up 0.73%, while spot silver was trading near $75.475, down 0.24% on the session.
Thursday’s April income and spending data kept the Federal Reserve pressure point intact. Personal income was essentially flat, disposable personal income fell 0.1%, personal consumption expenditures rose 0.5% and the saving rate fell to 2.6%. The PCE price index rose 0.4% on the month and 3.8% from a year earlier, while core PCE rose 0.2% on the month and 3.3% from a year earlier. Friday’s U.S. calendar brings preliminary April wholesale inventories at 8:30 a.m. ET and the May Chicago PMI at 9:45 a.m. ET.
The Strait of Hormuz remains the main geopolitical transmission channel into energy, inflation expectations and precious metals, but Friday’s market is trading renewed deal optimism rather than escalation. Oil fell again after U.S. and Iranian negotiators reached a tentative framework to extend the ceasefire by 60 days and begin nuclear talks, pending President Donald Trump’s approval. Brent slipped toward $91.54 and WTI toward $87.64, down sharply from early-May levels, easing the energy-inflation impulse that had pushed yields higher earlier in the month.
For gold, the current impact is mixed but supportive on balance: reduced conflict risk trims the safe-haven bid, while lower oil, lower yields and a softer inflation impulse improve the rate backdrop for non-yielding metals. Across other markets, the clearest effects are lower crude, firmer global equities, lower Treasury yields, a softer dollar tone and less pressure on rate-sensitive growth shares.
Global equity tone was firmer before the U.S. open after Thursday’s record U.S. closes. The S&P 500 closed at 7,563.63, up 0.6%, the Nasdaq Composite rose 0.9% to 26,917.47, the Dow Jones Industrial Average edged up to 50,668.97 and the Russell 2000 gained 0.6% to 2,936.57. U.S. stock futures leaned higher Friday, helped by lower oil, cooler-than-expected core PCE momentum and stronger AI-related earnings, while global shares also benefited from the weaker oil-inflation channel.
The key outside markets see Nymex WTI crude oil prices lower and trading around $87.64 a barrel, while Brent crude was near $91.54. The U.S. dollar index is softer. 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 $4,550 to $4,576 resistance zone, with a sustained move targeting $4,600 and then $4,660. Bears’ next near-term downside price objective is a break below $4,514, with deeper downside targets at $4,500 and then $4,460. First resistance is seen at $4,550 and then at $4,576. First support is seen at $4,514 and then at $4,500.
Spot silver bulls’ next upside price objective is to drive prices back above the $76.00 to $76.50 area, with a move above that zone targeting $78.00 and then $78.92. The next downside price objective for the bears is a break below $74.97, with deeper downside targets at $74.26 and then $73.20. First resistance is seen at $76.00 and then at $76.50. Next support is seen at $74.97 and then at $74.26.
