(Kitco NewsWire) - Spot gold prices were near steady and spot silver prices were firmer in late-afternoon U.S. trading Monday, as perceived safe-haven demand tied to renewed Middle East tensions was offset by firmer rate expectations after Friday’s U.S. jobs report. At the time of writing, spot gold was trading near $4,327.50 an ounce, down 0.01%, while spot silver was trading at $68.020, up 0.45% on the session.
The U.S. macro backdrop remains a headwind for non-yielding metals. Total nonfarm payrolls increased by 172,000 in May, while the unemployment rate was unchanged at 4.3%, with job gains in leisure and hospitality, local government and health care. The stronger labor print left gold’s rebound from session lows capped, while traders shifted attention to CPI on Wednesday and PPI on Thursday.
The Strait of Hormuz is still the market’s highest-impact energy chokepoint. The latest session brought a renewed Israel-Iran exchange, followed by statements from both sides that attacks had paused after U.S. pressure. Oil initially traded above $98 Brent, then pared gains as the pause reduced immediate escalation risk. For gold, the setup is mixed: Hormuz risk supports haven and inflation-hedge demand, but sustained oil strength also feeds the higher-rates trade that has weighed on bullion.
The key outside markets see Nymex WTI crude oil prices firmer and trading around $91.83 a barrel, while Brent crude was near $94.78. The U.S. dollar index was softer at 99.96 after touching its highest level in nearly two months. The yield on the benchmark 10-year U.S. Treasury note was trading near the 4.6% area.
Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,350 to $4,370 resistance zone, with a sustained move targeting $4,530 to $4,550 and then the 50-day moving average near $4,624. Bears’ next near-term downside price objective is a break below $4,300, with deeper downside targets at $4,180 to $4,200. First resistance is seen at $4,350 to $4,370 and then at $4,530 to $4,550. First support is seen at $4,300 and then at $4,180 to $4,200.
Spot silver bulls’ next upside price objective is to drive prices back above the $70.00 level, with a move above that zone targeting $71.00 to $72.00 and then the 50-day moving average near $76.12. The next downside price objective for the bears is a break below $65.00 to $66.00, with deeper downside targets at $61.00. First resistance is seen at $70.00 and then at $71.00 to $72.00. Next support is seen at $65.00 to $66.00 and then at $61.00.
