Gold stabilizes as oil eases, equities close at records after mixed U.S. data - Kitco PM Report
Spot gold prices are firmer and spot silver prices are also higher late in North American trading Tuesday, supported by perceived bargain hunting after Monday’s sharp selloff as oil prices eased and U.S. equities closed at fresh records. At the time of writing, spot gold was trading near $4,557.68 an ounce, while spot silver was trading at $73.680 on the session.
The U.S. data flow was mixed enough to keep the metals trade two-sided. The ISM services PMI slipped to 53.6 in April from 54.0 in March, missing the 53.7 consensus but remaining above the 50 expansion line; the prices index held at 70.7, its highest level since October 2022. March JOLTS job openings were little changed at 6.87 million, down from 6.92 million in February, while hiring rose to 5.55 million, the strongest level since February 2024.
The policy read remains uncomfortable for bullion bulls: services are still expanding, labor demand is cooling only gradually and the inflation component of the ISM report remains elevated. The 10-year Treasury yield eased to 4.42% to 4.43% after Monday’s rate-driven pressure, but it remains well above the 3.97% level seen before the Iran war began.
The North American equity session improved as oil reversed part of Monday’s spike and earnings remained supportive. The S&P 500 rose 58.47 points to 7,259.22, the Dow Jones Industrial Average added 356.35 points to 49,298.25 and the Nasdaq Composite climbed 238.32 points to 25,326.13. The S&P 500 and Nasdaq set records, while the Dow gained 0.7%.
The key outside markets see Nymex WTI crude oil prices lower and trading around $102.52 a barrel, while Brent crude was near $110.13. Brent fell about 4% after U.S. officials said the Iran ceasefire remained in effect, pulling some geopolitical premium out of crude and helping equities recover. The U.S. dollar index is mixed to firmer. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.4% area.
Traders are watching Wednesday’s ADP employment data and Friday’s nonfarm payrolls report for the next labor-market read, with the metals market still balancing safe-haven demand against the risk that higher oil prices keep inflation sticky and rate cuts delayed.
Technically, spot gold is trying to stabilize after Monday’s steep decline, with bulls’ next upside price objective to push prices above the $4,568.89 to $4,629.39 resistance zone, which would open the door to a move toward $4,670 to $4,720. Bears’ next near-term downside price objective is a break below $4,503.72, with deeper downside targets at $4,485 and then $4,450. First resistance is seen at $4,568.89 and then at $4,629.39. First support is seen at $4,503.72 and then at $4,485.
Spot silver bulls’ next upside price objective is to drive prices above the $73.80 to $75.00 resistance zone, with a move above that area targeting $76.12. The next downside price objective for the bears is a break below $72.88, with deeper downside targets at $71.85 and then $70.90. First resistance is seen at $73.80 and then at $75.00. Next support is seen at $72.88 and then at $71.85.
