(Kitco NewsWire) - Spot gold and silver prices are lower in early U.S. trading Friday, after stronger-than-expected U.S. payrolls lifted Treasury yields, firmed the dollar and pressured the rate-cut trade. At the time of writing, spot gold was trading near $4,464.60 an ounce, down 0.24%, while spot silver was trading at $73.320, down 0.77% on the session.
U.S. employers added 172,000 jobs in May, more than double the 80,000 consensus, while the unemployment rate held at 4.3%. The print cut against the soft-landing relief trade that had supported gold Thursday and shifted the morning setup back toward higher yields, a firmer dollar and lower equity futures.
U.S. equity futures retreated after the payrolls release as bond yields climbed. The pre-market move followed Thursday’s split close, when the Dow Jones Industrial Average rose 874.86 points, or 1.7%, to a record 51,561.93, the S&P 500 added 30.63 points, or 0.4%, to 7,584.31 and the Nasdaq Composite slipped 23.02 points, or 0.1%, to 26,830.96 as AI-linked tech lagged.
The Strait of Hormuz remains the main geopolitical channel into gold, oil, rates and equity risk, but the current market impact is contained rather than disorderly. The nine-week ceasefire and gradual resumption of flows have kept Brent below $100 a barrel, leaving gold caught between residual geopolitical demand and the stronger macro drag from oil-linked inflation, higher yields and a firmer dollar. For other key markets, the Hormuz story is still a volatility premium in crude, an inflation-risk input for Treasuries, a headwind for rate-sensitive equities and a support for safe-haven demand only when the ceasefire narrative deteriorates.
The key outside markets see Nymex WTI crude oil prices lower and trading around $92.41 a barrel, while Brent crude was near $94.67. 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 $4,481.78, with a sustained move targeting the 50-day moving average at $4,630.16. Bears’ next near-term downside price objective is a break below the 200-day moving average at $4,428.44, with deeper downside targets at $4,366.23 and then $4,099.12. First resistance is seen at $4,481.78 and then at $4,630.16. First support is seen at $4,428.44 and then at $4,366.23.
Spot silver bulls’ next upside price objective is to drive prices back above the $74.10 to $74.45 area, with a move above that zone targeting $75.50 and then $78.00. The next downside price objective for the bears is a break below the $72.00 to $71.80 Fibonacci extension area, with deeper downside targets at $70.00 and then $68.00. First resistance is seen at $74.10 and then at $74.45. Next support is seen at $72.00 and then at $71.80.
