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Spot gold and silver prices are lower ahead of the North American market open Thursday, as rising Treasury yields, a firmer U.S. dollar and another surge in crude oil prices outweighed safe-haven demand tied to the U.S.-Iran conflict. At the time of writing, spot gold was trading near $4,066.82 an ounce, down 1.52%, while spot silver was trading near $58.06, down 2.75% on the session.
Spot gold and silver prices have rallied this week, but remain well below all-time highs achieved in late January. Analysts attribute recent gains to "bargain hunting" but see little chance of a sustained rally.
Silver's brutal correction from January's record highs has disappointed investors, but one precious metals strategist says lower prices are exactly what the market needs to build a more sustainable bull market.
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Precious metals are moving higher as traders stay bullish.
Spot gold and silver prices are higher ahead of the North American market open Tuesday, as short covering lifted precious metals after last week's selloff while Treasury yields, the U.S. dollar and crude oil prices remained firm.
Spot gold and silver prices are modestly higher in late-afternoon U.S. trading Monday, as short covering helped metals stabilize after last week's selloff, while higher Treasury yields, a firmer U.S. dollar and elevated crude oil prices capped the rebound.
Interest rates are still the key driver for precious metals prices even as the conflict between the United States and Iran escalates further, with gold and silver facing continued downside risk, according to Rhona O'Connell, Head of Market Analysis for EMEA & Asia at StoneX.