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Gold prices traded higher Friday near $4,289.70 an ounce as oil fell on US-Iran diplomacy hopes, while rising Treasury yields and Fed rate-hike expectations capped gains.
Gold prices were higher in late U.S. trading Friday, with spot gold trading near $4,289.70 an ounce, up 0.38% on the session, while spot silver traded near $64.170, up 0.69%. The gains came as oil prices fell on renewed U.S.-Iran diplomacy hopes, though rising Treasury yields and firm Federal Reserve rate-hike expectations limited bullion's rebound. The article was generated by Kitco's AI-assisted reporting workflow and reviewed by Kitco News editorial staff, with every claim independently verified before publication.
Gold and Silver Hold Gains
Spot gold's advance kept the metal near recent levels, with bulls eyeing a push back above the $4,297.60 to $4,304.00 resistance zone. A sustained move above that area would target $4,345.00 and then $4,396.00. Bears' next near-term downside objective is a break below $4,270.94, with deeper targets at $4,245.00 and then the $4,181.00 to $4,216.00 range. First support is seen at $4,270.94 and then at $4,245.00.
For silver, bulls' next upside objective is to drive prices back above the $64.3965 to $64.920 area, with a move above that zone targeting $65.830 and then the psychologically important $68.000 area. The next downside objective for bears is a break below $63.7355, with deeper targets at $62.9400 and then the $62.350 to $61.460 zone. First resistance is seen at $64.3965 and then at $64.920, while next support is seen at $63.7355 and then at $62.9400.
Equities and Outside Markets
North American equities finished higher as lower oil prices helped ease part of the pressure from the week's yield shock. The Dow gained 478.64 points, or 0.9%, to 51,828.62. The Nasdaq Composite added 129.34 points, or 0.5%, to 27,068.72, while the Russell 2000 edged up 1.98 points, or 0.1%, to 2,837.55.
In Europe, the DAX gained 0.56% to 25,408.64, Italy's FTSE MIB rose 0.63% to 51,866.93 and the U.K. FTSE 100 added 0.14% to 10,695.25. France's CAC 40 was the main laggard, slipping 0.04% to 8,077.80.
In the key outside markets, Nymex WTI crude oil prices were lower and trading near $92.41 a barrel, while Brent crude settled near $104.32. The yield on the benchmark 10-year U.S. Treasury note traded near the 5.2% area, its highest level since 2007. The U.S. dollar index was lower on the session but still set for a second straight weekly gain.
Fed Policy and Inflation Data
Market positioning remains anchored in the same conflict between resilient U.S. growth and sticky inflation expectations. August durable-goods orders were unchanged after a 0.9% July gain, while non-defense capital goods orders excluding aircraft jumped 1.6%, well above expectations and consistent with continued AI-linked capital spending.
Final September consumer sentiment slipped to 48.1 from 51.7 in August, while one-year inflation expectations rose to 4.6% and five-year expectations edged up to 3.4%. Fed funds futures priced roughly a 68.6% chance of another rate increase next month.
Next week's August personal income and outlays report, including PCE inflation, is due Wednesday at 8:30 a.m. ET, followed by the September employment report Friday at 8:30 a.m. ET. Stronger inflation or payroll data would keep the rates channel pointed against gold; softer data would test whether the week's selloff has already priced enough Fed tightening risk.
Oil, Iran and Safe-Haven Demand
Brent crude settled at $104.32 a barrel, down 2.1%, while WTI settled at $92.41, down 2.3%. Lower crude is gold-positive at the margin because it eases the inflation impulse behind yields and the dollar, but the unresolved shipping and supply risk keeps a defensive bid under bullion and leaves energy inflation inside the Fed reaction function.
The Strait of Hormuz and U.S.-Iran situation is still an oil-market risk, but the latest trade shows the market marking down the immediate blockade premium. U.S. and Iranian negotiators in New York are exploring a phased path out of the war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade on Iran. Iran is still refusing flexibility on its nuclear program, and Houthi attacks against Saudi Arabia remain a supply risk.
Gold Prices Silver Prices Federal Reserve US-Iran Diplomacy Strait Of Hormuz Treasury Yields Oil Prices
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