(Kitco NewsWire) - Spot gold and silver prices are higher after the North American cash-market close on Friday, as lower Treasury yields and a softer U.S. dollar helped precious metals recover while oil retreated despite renewed Strait of Hormuz tension. At the time of writing, spot gold was trading near $4,088.60 an ounce, up 1.55%, while spot silver was trading near $59.050, up 2.25% on the session.
Gold’s late-session recovery followed a volatile week in which the metal tested support below $4,000 before reversing back toward the $4,100 area. Silver’s rebound was stronger on a percentage basis, with the day’s range extending from $55.580 to $59.690 as short-covering and a weaker dollar helped the metal reclaim part of this week’s breakdown.
The post-Fed reaction remains the main positioning constraint, but by Friday afternoon, falling oil and softer inflation fears had reduced, but not erased, the hawkish repricing: one additional 2026 rate increase remained priced as a material risk, while the probability of a second hike declined. That leaves gold bid on lower yields, but still capped by the possibility that the Fed is not finished tightening.
The Strait of Hormuz situation is best characterized as managed-flow risk rather than closure risk. Oil traffic through the strait has recovered to roughly 80% of prewar levels, but Iranian authorities ordered at least three tankers to turn back and warned vessels against moving outside approved routes. The market reaction shows the difference between transit disruption and outright chokepoint closure: WTI and Brent both fell sharply Friday as physical flow improved, while gold retained a smaller insurance bid tied to the risk of another shipping incident or U.S.-Iran escalation.
The key outside markets see Nymex WTI crude oil prices lower and settling around $69.23 a barrel, while Brent crude was near $71.99. The U.S. dollar index is lower. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.4% area.
Technically, spot gold bulls' next upside price objective is to push prices back above the $4,115.00 to $4,248.00 resistance zone, with a sustained move targeting $4,382.62 and then $4,560.00. Bears' next near-term downside price objective is a break below $3,959.08, with deeper downside targets at $3,927.00 and then $3,886.00. First resistance is seen at $4,115.00 and then at $4,248.00. First support is seen at $3,959.08 and then at $3,927.00.
Spot silver bulls' next upside price objective is to drive prices back above the $60.00 to $61.55 area, with a move above that zone targeting $62.00 and then $65.00. The next downside price objective for the bears is a break below $56.50, with deeper downside targets at $55.40 and then $50.00. First resistance is seen at $60.00 and then at $61.55. Next support is seen at $56.50 and then at $55.40.
