(Kitco NewsWire) - Spot gold prices are higher and spot silver prices are slightly lower in late-afternoon U.S. trading Monday, as gold’s fiscal-risk bid held even as silver saw profit-taking after last week’s breakout. At the time of writing, spot gold was trading near $4,648.40 an ounce, up 1.00%, while spot silver was trading at $68.750, down 0.16% on the session.
North American equity markets closed mixed, with AI-linked technology again the drag. The S&P 500 fell 21.51 points, or 0.3%, to 7,652.86, the Dow Jones Industrial Average rose 140.15 points, or 0.3%, to 53,417.16, the Nasdaq Composite lost 200.26 points, or 0.8%, to 25,980.19, and the Russell 2000 fell 22.79 points, or 0.8%, to 2,995.08. European markets finished nearly flat overall, with the STOXX Europe 600 at 654.21, unchanged on the session. London’s FTSE 100 rose 0.35% to 10,854.32, Germany’s DAX slipped 0.11% to 26,106.60, France’s CAC 40 lost 0.37% to 8,453.01 and Italy’s FTSE MIB fell 0.24% to 52,542.18.
The latest positioning remains centered on the same cross-current that has supported gold all month: softer recent U.S. inflation and spending data reduced the urgency of a September Fed hike, but long-end yields and fiscal stress remain the constraint. The 10-year Treasury yield eased to about 4.70% as oil prices fell, while the 30-year yield stayed near the 5.2% area. Markets are now looking to Wednesday’s Nvidia earnings, the July PCE inflation report and Fed Chair Kevin Warsh’s Jackson Hole speech Friday for the next read on growth, inflation and policy risk. Gold has held above the $4,600 area because Treasury buyback expectations, debt concerns and dollar sensitivity continue to matter more than a single rates input. Silver’s pullback shows the trade is less uniform below the surface: the metal remains tied to the dollar and long bond, but profit-taking emerged after Friday’s test above $70.
The Strait of Hormuz remains the main geopolitical channel into oil, inflation expectations and defensive demand, but Monday’s market impact came through a lower crude tape. Washington announced new sanctions aimed at Iran, while U.S.-Iran talks remain unresolved and uncertainty persists over when tankers will be able to freely exit the Persian Gulf. Brent crude fell to around $90.54 a barrel and WTI traded near the $84.00 area after the measures stopped short of a broader secondary-sanctions shock. For gold, the setup remains supportive but conflicted: lower crude helped ease yields, while the unresolved U.S.-Iran standoff keeps a geopolitical floor under defensive demand.
The key outside markets see Nymex WTI crude oil prices lower and trading around the $84.00 area, while Brent crude was near $90.54. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.7% area. The U.S. dollar index is firmer. (Kitco Global Index shows how much of today's gold move is the dollar versus the gold market itself.)
Technically, spot gold bulls' next upside price objective is to push prices back above the $4,650.00 resistance level, with a sustained move targeting $4,772.17 and then $4,968.06. Bears' next near-term downside price objective is a break below $4,594.10, with deeper downside targets at $4,453.00 and then $4,359.00. First resistance is seen at $4,650.00 and then at $4,772.17. First support is seen at $4,594.10 and then at $4,453.00.
Spot silver bulls' next upside price objective is to drive prices back above $70.02, with a move above that level targeting $71.56 and then $72.08. The next downside price objective for the bears is a break below $68.42, with deeper downside targets at $66.29 and then $61.33. First resistance is seen at $70.02 and then at $71.56. Next support is seen at $68.42 and then at $66.29.
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