Spot gold prices are near steady and spot silver prices are higher in early U.S. trading Monday, as oil pulled back from overnight highs, U.S. equity futures recovered and traders looked ahead to Wednesday's May inflation report.
From everything investors are told, it makes no sense that gold GC00-0.37% would fall so much in the midst of the Iran war, which is now 100 days old.
Gold's slump has followed Friday's better-than-expected May U.S. employment report.
Gold and silver showed limited conviction as the Middle East truce held firm amid Iran-Israel tensions. Gold broke decisively under $4,500 with bearish channel structure while silver traded at $66.53.
Gold and silver investors aren't heading into the weekend with much to feel good about.
The latest Kitco News Weekly Gold Survey showed Wall Street overwhelmingly bearish on gold's near-term prospects, while Main Street grew more pessimistic after gold's week of weakness.
Inflation fears on multiple fronts have taken their toll on the gold market, with prices breaking below a critical long-term support level.
Gold is at a technically precarious juncture, and the good news for you is that options market may be mispricing the risk.
The last time gold and silver shed this much value was in late March, when gold hit a low around $4,400 and silver fell to as low as $67. Analysts blamed that price crash on mixed signals about Iran peace talks from both Iranian and American leadership.
The global gold supply will see modest growth in both mine production and recycling in 2026, even as gold demand is projected to decline as double-digit losses in jewelry and central bank purchases are offset by increased investor appetite for bars and coins, which will replace jewelry as the largest component of demand for the first time, while the annual average gold price is forecast to surge by 43% to a new record high of $4,920, according to the latest analysis and projections from Metals Focus.
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.
The gold market is seeing surging selling pressure as the U.S. economy created far more jobs than expected, raising expectations that the Federal Reserve has room to raise interest rates to cool inflation.