(Kitco NewsWire) - Spot gold and silver prices are weaker early in the North American trading session. The precious metals continue to feel the pressure from the Federal Reserve’s hawkish hold, a firmer dollar backdrop and fading Middle East risk premium. At the time of writing, spot gold was trading near $4,154.70 an ounce, down 1.28%, while spot silver was trading at $64.690, down 1.35% on the session.
U.S. markets are closed for the Juneteenth holiday, thinning the domestic calendar after Wednesday’s Fed decision. The FOMC kept the target range for the federal funds rate at 3.50% to 3.75% in a 12-0 vote, while the statement said inflation remains elevated relative to the Committee’s 2% goal and partly reflects supply shocks in sectors including energy.
The rate backdrop remains the cleanest headwind for metals. The U.S. dollar index is firmer after reaching its highest level since May 2025, while the benchmark 10-year Treasury yield last stood near the 4.5% area before the holiday closure. Higher real-rate sensitivity remains more important for gold than the reduced oil-risk premium, with traders still pricing a more restrictive Fed path than they were before the June meeting.
Fawad Razaqzada, market analyst for global macro at FOREX.com, wrote in his latest gold note that “momentum remains bearish for gold.” He identified $4,100 as key support, followed by this month’s low near $4,023 and the psychologically important $4,000 level. On the upside, he marked short-term resistance near $4,170, followed by $4,200 and $4,300.
The key outside markets see Nymex WTI crude oil prices firmer and trading around $77.56 a barrel, while Brent crude was near $80.23. Crude remains well below the conflict-driven highs after the U.S.-Iran de-escalation, but intraday oil trading has turned more two-way as markets reassess how quickly shipping through the Strait of Hormuz can normalize.
Traders are watching next week’s U.S. data calendar for confirmation on whether the Fed’s inflation caution has room to intensify. The next major releases include S&P Global flash manufacturing and services Purchasing Managers' Index at 9:45 a.m. ET Tuesday, new home sales at 10:00 a.m. ET Wednesday, final first-quarter GDP, durable goods, weekly jobless claims and PCE at 8:30 a.m. ET Thursday, and revised University of Michigan consumer sentiment at 10:00 a.m. ET Friday.
Technically, gold bulls’ next upside price objective is to push prices back above $4,170 and then $4,200, with $4,300 marking the next larger resistance area. Bears’ next near-term downside price objective is a break below $4,100, with deeper downside targets at $4,023 and then $4,000. First resistance is seen at $4,170 and then at $4,200. First support is seen at $4,100 and then at $4,023.
Spot silver bulls’ next upside price objective is to drive prices back above the $65.00 to $66.00 area, with a move above that zone targeting $68.00 and then $70.00. The next downside price objective for the bears is a break below $64.00, with deeper downside targets at $63.18 and then $62.00. First resistance is seen at $65.00 and then at $66.00. Next support is seen at $64.00 and then at $63.18.
