(Kitco NewsWire) – Spot gold and silver prices are sharply lower after the close Tuesday, as the U.S. dollar held near its strongest levels of the year, post-Fed rate-hike risk stayed in place and the Strait of Hormuz risk premium continued to unwind. At the time of writing, spot gold was trading near $4,123.00 an ounce, down 1.64%, while spot silver was trading at $61.545, down 5.45% on the session.
The latest post-Fed positioning remains the primary headwind for precious metals. Traders are no longer treating the Fed as a near-term source of easing protection; the market is instead trading the combination of resilient U.S. data, a firmer dollar and a still-restrictive real-rate backdrop.
Ship traffic is increasing through northern and southern routes of the Strait of Hormuz, but the main central route remains mined, Iran has agreed not to charge tolls for 60 days and Tehran and Washington continue to argue over control and future fees. The current market impact is disinflationary at the margin: crude has fallen, energy inflation pressure has eased and gold’s safe-haven bid has faded. For silver, the same shift is more damaging because lower oil and softer industrial-risk pricing are hitting the cyclical side of the metal while the dollar move pressures the investment side.
U.S. stocks finished with modest gains after an early risk-off session, but leadership remained narrow. The S&P 500 edged up 0.02%, the Dow Jones Industrial Average added 0.02% and the Nasdaq Composite outperformed with a 0.12% gain, helped by selective buying in technology shares. Small caps also improved, with the Russell 2000-linked ETF up 0.05%, while Nvidia fell 3.2% and Micron was active ahead of earnings.
The key outside markets see Nymex WTI crude oil prices lower and trading around $73.58 a barrel, while Brent crude was near $77.47. The U.S. dollar index is firmer after testing a new 2026 high above 101 earlier in the session. The yield on the benchmark 10-year U.S. Treasury note remains near the mid-4% area, with no approved live intraday level included.
Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,180 to $4,200 resistance zone, with a sustained move targeting $4,221 and then $4,319. Bears’ next near-term downside price objective is a break below $4,091, with deeper downside targets at $4,040 and then $4,020. First resistance is seen at $4,180 and then at $4,200. First support is seen at $4,091 and then at $4,040.
Spot silver bulls’ next upside price objective is to drive prices back above the $62.00 to $64.29 resistance zone, with a move above that zone targeting the $65.00 to $66.00 area and then $68.50. The next downside price objective for the bears is a break below $61.00, with deeper downside targets at $57.00 and then $56.00. First resistance is seen at $62.00 and then at $64.29. Next support is seen at $61.00 and then at $57.00.
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