{"id":785320,"date":"2026-07-07T04:40:12","date_gmt":"2026-07-07T04:40:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/785320\/"},"modified":"2026-07-07T04:40:12","modified_gmt":"2026-07-07T04:40:12","slug":"gold-silver-down-and-cant-escape-the-anchor-of-fed-rate-hikes-kitco-pm-report","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/785320\/","title":{"rendered":"Gold, silver down and can\u2019t escape the anchor of Fed rate hikes – Kitco PM Report"},"content":{"rendered":"

(Kitco News) – Spot gold and silver prices were weaker following the North American equities close, with traders fading part of last week\u2019s jobs-led rebound while keeping Wednesday\u2019s Federal Reserve minutes and Strait of Hormuz headlines in view. At the time of writing, spot gold was trading near $4,161.90 an ounce, down 0.29%, while spot silver was trading at $61.900, down 0.59% on the session.<\/p>\n

Gold<\/a> futures still finished the session at their highest level since June 22, with front-month gold up 1.0% at $4,155.10 a troy ounce and silver<\/a> up 2.1% at $61.92 a troy ounce, its fourth straight higher close. Rhona O\u2019Connell, market analyst at StoneX, said in a note that \u201cGold<\/a> ETFs are still friendless,\u201d keeping the rebound less convincing than the futures settlement alone suggests.<\/p>\n

The Federal Reserve\u2019s June 16-17 meeting remains the policy anchor for metals. The FOMC voted to hold the target range at 3.50% to 3.75%, while the statement said inflation remained above the 2% goal and cited energy-linked supply shocks. The market reaction since the meeting has been two-sided for precious metals: weaker U.S. jobs data and lower crude prices have eased near-term hike pricing, but the rate path has not turned dovish enough to force a broad CTA capitulation in gold<\/a>, silver<\/a>, platinum<\/a> or palladium<\/a>.<\/p>\n

Commodity analysts at TD Securities said bearish precious-metals positions have been \u201chard to shake,\u201d noting that CTAs did not move off net-short positioning even after the bounce into the long weekend, weaker-than-expected jobs data and softer Fed hike pricing. Their read is that the market is still pricing a hike before year-end, which continues to weigh on the complex. Wednesday\u2019s FOMC minutes, due at 2 p.m. ET, are the next policy test for that positioning.<\/p>\n

The Strait of Hormuz remains a live risk premium, but not a one-way bullish input for gold<\/a>. Iran\u2019s military command has told tankers to use approved routes through the waterway or face a forceful response, and also warned against U.S. interference. At the same time, crude futures have been trading closer to pre-conflict levels as resumed flows through the strait, OPEC+ supply increases and Saudi price cuts offset the geopolitical risk. WTI settled down 0.2% at $68.55 a barrel and Brent settled down 0.2% at $71.99 a barrel, while insurance costs and unresolved U.S.-Iran terms kept the all-clear signal out of reach.<\/p>\n

The U.S. macro tape was not weak enough to break the dollar-rate headwind. The ISM services PMI registered 54.0 for June<\/a>, with business activity at 55.4, new orders at 55.1 and employment at 51.2. The U.S. dollar index was near unchanged to slightly firmer, while the yield on the benchmark 10-year U.S. Treasury note was near the 4.5% area, with the Treasury\u2019s July 6 constant-maturity 10-year rate at 4.48%.<\/p>\n

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Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,260 to $4,400 resistance zone, with a sustained move targeting $4,500 and then $5,000. Bears’ next near-term downside price objective is a break below $3,900, with deeper downside targets at $3,800 and then $3,950. First resistance is seen at $4,200 and then at $4,260. First support is seen at $4,091 and then at $4,000.<\/p>\n

\"article<\/p>\n

Spot silver bulls’ next upside price objective is to drive prices back above the $64.00 to $72.00 area, with a move above that zone targeting $90.00 and then higher. The next downside price objective for the bears is a break below $55.00, with deeper downside targets at $45.00 and then $60.75. First resistance is seen at $62.43 and then at $63.32. Next support is seen at $60.75 and then at $57.12.<\/p>\n

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Disclaimer:\u00a0The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.<\/p>\n","protected":false},"excerpt":{"rendered":"(Kitco News) – Spot gold and silver prices were weaker following the North American equities close, with traders…\n","protected":false},"author":2,"featured_media":785321,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[7900,7888,45,49,48,7892,7894,7887,7897,7890,7889,7891,7898,3242,7899,2977,7879,7901,7884,7902,7886,7881,7882,7880,7883,714,7885,7896,7903,3243,7895,7893],"class_list":["post-785320","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bank-forecasts","tag-bitcoin-news","tag-business","tag-ca","tag-canada","tag-central-banks","tag-charts","tag-crypto-news","tag-currency","tag-economic-reports","tag-ethereum-news","tag-forecasts","tag-global-economy","tag-gold","tag-international-policy","tag-interviews","tag-kitco-news","tag-market-nugget","tag-metals","tag-mining-minutes","tag-mining-news","tag-palladium","tag-pgm","tag-platinum","tag-platinum-group-metals","tag-politics","tag-precious-metals","tag-rare-earth-metals","tag-roundups","tag-silver","tag-tech-metals","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/785320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=785320"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/785320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/785321"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=785320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=785320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=785320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}