Gold and silver prices softened ahead of the North American market open Friday, as traders balanced last week's weaker payrolls report against Wednesday's Fed minutes, steady Treasury yields and renewed Strait of Hormuz uncertainty. Spot gold was trading near $4,104.30 an ounce, down 0.44%, while spot silver was trading near $59.49, down 0.57% on the session. The pullback followed June employment data showing payrolls rose 57,000—about half of expectations—while the 10-year Treasury yield held near 4.53% and geopolitical risk in the Strait of Hormuz kept oil prices elevated.
Gold and Silver Register Intraday Trading Ranges
Gold's early range was $4,093.70 to $4,135.50, leaving the metal above the $4,090 area but still below the $4,162 to $4,214 resistance zone that capped the latest rebound. Silver's early range was $59.15 to $60.89, with the metal holding above Thursday's lows but failing to reclaim the $61.00 area. At the time of writing, the 10-year Treasury yield was near 4.53% and the U.S. dollar index was near 100.87.
June Payrolls Data Shows 57,000 Jobs Added
Payrolls rose 57,000 in June, about half of expectations, while the unemployment rate held at 4.2%. April and May payrolls were revised down by a combined 74,000. The softer labor-market data initially supported gold by reducing confidence in further Fed tightening, but Wednesday's Fed minutes kept inflation risk in focus and left traders reluctant to add aggressively to long metals exposure.
Strait of Hormuz Maintains Open Transit Under Elevated Risk
The Strait of Hormuz situation is characterized as open transit under elevated political and shipping risk, not a confirmed chokepoint closure. Oil prices were choppy after a series of unclaimed strikes in southern Iran. Washington and Tehran both continued to say the waterway must remain open. Iran has argued that vessels should pay fees to transit the strait, which carries about one-fifth of global oil and natural gas flows, but the market is not pricing a full blockade. Brent crude traded near $77.08 and WTI near $72.73.
Technical Levels Show Key Support and Resistance Zones
Spot gold bulls' next upside price objective is to push prices back above the $4,091.00 to $4,103.00 resistance zone, with a sustained move targeting $4,140.00 and then $4,203.00. Bears' next near-term downside price objective is a break below $4,000.00, with deeper downside targets at $3,959.00 and then $3,942.00. First resistance is seen at $4,135.50 and then at $4,162.36. First support is seen at $4,093.70 and then at $4,053.60.
Spot silver bulls' next upside price objective is to drive prices back above $59.44 and then $63.28, with a move above that level targeting the 200-day moving average at $70.06 and then the 50-day moving average at $70.53. The next downside price objective for the bears is a break below $58.53, with deeper downside targets at $55.60 and then $50.00. First resistance is seen at $60.89 and then at $63.28. Next support is seen at $59.15 and then at $58.53.
FAQ
What caused gold and silver prices to soften on Friday?
Gold and silver prices softened ahead of the North American market open Friday as traders balanced last week's weaker payrolls report against Wednesday's Fed minutes, steady Treasury yields near 4.53%, and renewed Strait of Hormuz uncertainty that kept oil prices elevated.
How many jobs were added in June according to the payrolls report?
Payrolls rose 57,000 in June, about half of expectations, while the unemployment rate held at 4.2%. April and May payrolls were revised down by a combined 74,000.
What is the current status of the Strait of Hormuz situation?
The Strait of Hormuz is characterized as open transit under elevated political and shipping risk, not a confirmed chokepoint closure. Washington and Tehran both continued to say the waterway must remain open, and the market is not pricing a full blockade despite Iran arguing that vessels should pay fees to transit the strait.
