While short-term headwinds from the Iran war continue to cap precious metals prices, most analysts see the same supportive backdrop for gold and silver that drove them to record highs in early 2026. But the latest uncertainty in precious metals markets is being driven by the sudden changes to import policies in the world's second-largest gold and silver market.
Spot gold and silver prices are lower in early U.S. trading Thursday, as oil rebounded on renewed U.S.-Iran friction and Treasury yields held near the 4.6% area.
Gold prices were climbing off their recent lows on Thursday morning following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits were in line with economists' forecasts.
Gold prices are coming off session lows near $4,500 per ounce this morning after the latest data showed the U.S. housing market performing better than expected last month.Housing starts fell 2.8% in April to a seasonally adjusted annual rate of 1.465 million units, the Commerce Department announced on Thursday. The data was better than expected as economists looked for a decrease to 1.420 million units.
After seeing solid growth over the last four months, manufacturing activity in the Philadelphia region hit a brick wall in May, falling sharply back into contraction territory, according to the latest data from the Philadelphia Federal Reserve.
Gold edged lower in early Asian trade amid slightly higher U.S. Treasury yields, which typically diminish the allure of the nonyielding asset.
Gold prices may be stuck in a consolidation pattern after their explosive rally earlier this year, but one Canadian investment firm still sees the precious metal in a structural bull market even as it has turned tactically neutral in the near term.
Gold's recent price consolidation hasn't undermined the medium-term case for higher prices, and as long as central banks don't raise rates and passive fund flows don't collapse, gold prices will rise back to $5,400 per ounce within a year, according to Kiran Kowshik, Global FX Strategist at Lombard Odier.
The gold market continues to struggle to reclaim $4,500 an ounce as bond yields rise to critical levels, driven higher by growing inflation fears, but analysts note that sentiment in the precious metals market could turn bullish quickly.
Spot gold prices are firmer and spot silver prices are sharply higher in early U.S. trading Wednesday, as Treasury yields eased from recent peaks and oil prices pulled back despite unresolved U.S.-Iran risk around the Strait of Hormuz.
Gold and silver remain under pressure as rising Treasury yields, a stronger U.S. dollar and inflation fears weigh on demand, while key support zones in both metals decide the next move.
Gold edged higher on a possible technical recovery after front-month gold futures settled down 1% overnight.