(Kitco NewsWire) - Spot gold and silver prices are higher late Thursday, as weaker U.S. growth data and a softer dollar offset inflation pressure tied to the Strait of Hormuz and U.S.-Iran headlines. At the time of writing, spot gold was trading near $4,495.00 an ounce, up 0.89% on the session, while spot silver was trading at $75.530, up 1.35%.U.S. first-quarter GDP was revised down to a 1.6% annualized growth rate from the earlier 2.0% estimate, while April PCE inflation rose 0.4% month-on-month and 3.8% year-on-year. Core PCE rose 0.2% on the month and 3.3% from a year earlier. The softer growth revision and cooler core monthly reading helped gold rebound from its session low, even as the annual inflation rate remained well above the Federal Reserve’s 2% target.The data mix left traders pricing a narrower path for easier policy, with the 10-year Treasury yield near 4.48% and the dollar index off 0.1% near 99.16 in the immediate data reaction.The Strait of Hormuz remains the market’s main geopolitical pressure point: a narrow Gulf chokepoint where tanker traffic, crude exports and inflation expectations are being repriced against the possibility of a broader U.S.-Iran settlement. A tentative 60-day framework under discussion would extend the ceasefire, reopen shipping lanes without tolls and restart nuclear talks, but approval is not final and skirmishes around the waterway in the past 48 hours kept risk premium in oil, gold and rates. The perceived market impact was two-sided: lower oil on deal hopes reduced some inflation fear and supported gold through lower yields and a softer dollar, while any fresh military exchange would likely lift crude, inflation expectations and the dollar, a mix that has recently weighed on non-yielding metals.The key outside markets see Nymex WTI crude oil prices modestly firmer and settling around $88.90 a barrel, while Brent crude was near $92.72. The U.S. dollar index is lower. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.5% area.U.S. equities were mixed around the data, with early pressure in the S&P 500 and Nasdaq giving way to a more constructive tone as traders focused on weaker growth and less aggressive monthly core inflation. Gold futures rose 1.14% to $4,499.30, their largest one-day gain since May 6, while silver rose 1.36% to $75.645.Technically, spot gold bulls' next upside price objective is to push prices back above the $4,589.00 to $4,631.00 resistance zone, with a sustained move targeting $4,774.00 and then $4,804.00. Bears' next near-term downside price objective is a break below $4,366.00, with deeper downside targets at $4,099.12 and then $4,000.00. First resistance is seen at $4,589.00 and then at $4,631.00. First support is seen at $4,401.00 and then at $4,366.00.Spot silver bulls' next upside price objective is to drive prices back above the $76.14 to $78.00 area, with a move above that zone targeting $79.00 and then $85.00. The next downside price objective for the bears is a break below $74.97, with deeper downside targets at $72.78 and then $71.79. First resistance is seen at $76.14 and then at $78.00. Next support is seen at $74.97 and then at $72.78.

(Kitco NewsWire) - Spot gold prices are higher and spot silver prices are slightly lower in early U.S. trading Friday, as lower crude oil prices and easing Treasury yields supported bullion while silver remained capped below near-term moving-average resistance. At the time of writing, spot gold was trading near $4,528.90 an ounce, up 0.73%, while spot silver was trading near $75.475, down 0.24% on the session.Thursday’s April income and spending data kept the Federal Reserve pressure point intact. Personal income was essentially flat, disposable personal income fell 0.1%, personal consumption expenditures rose 0.5% and the saving rate fell to 2.6%. The PCE price index rose 0.4% on the month and 3.8% from a year earlier, while core PCE rose 0.2% on the month and 3.3% from a year earlier. Friday’s U.S. calendar brings preliminary April wholesale inventories at 8:30 a.m. ET and the May Chicago PMI at 9:45 a.m. ET.The Strait of Hormuz remains the main geopolitical transmission channel into energy, inflation expectations and precious metals, but Friday’s market is trading renewed deal optimism rather than escalation. Oil fell again after U.S. and Iranian negotiators reached a tentative framework to extend the ceasefire by 60 days and begin nuclear talks, pending President Donald Trump’s approval. Brent slipped toward $91.54 and WTI toward $87.64, down sharply from early-May levels, easing the energy-inflation impulse that had pushed yields higher earlier in the month. For gold, the current impact is mixed but supportive on balance: reduced conflict risk trims the safe-haven bid, while lower oil, lower yields and a softer inflation impulse improve the rate backdrop for non-yielding metals. Across other markets, the clearest effects are lower crude, firmer global equities, lower Treasury yields, a softer dollar tone and less pressure on rate-sensitive growth shares.Global equity tone was firmer before the U.S. open after Thursday’s record U.S. closes. The S&P 500 closed at 7,563.63, up 0.6%, the Nasdaq Composite rose 0.9% to 26,917.47, the Dow Jones Industrial Average edged up to 50,668.97 and the Russell 2000 gained 0.6% to 2,936.57. U.S. stock futures leaned higher Friday, helped by lower oil, cooler-than-expected core PCE momentum and stronger AI-related earnings, while global shares also benefited from the weaker oil-inflation channel.The key outside markets see Nymex WTI crude oil prices lower and trading around $87.64 a barrel, while Brent crude was near $91.54. The U.S. dollar index is softer. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.5% area.Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,550 to $4,576 resistance zone, with a sustained move targeting $4,600 and then $4,660. Bears’ next near-term downside price objective is a break below $4,514, with deeper downside targets at $4,500 and then $4,460. First resistance is seen at $4,550 and then at $4,576. First support is seen at $4,514 and then at $4,500.Spot silver bulls’ next upside price objective is to drive prices back above the $76.00 to $76.50 area, with a move above that zone targeting $78.00 and then $78.92. The next downside price objective for the bears is a break below $74.97, with deeper downside targets at $74.26 and then $73.20. First resistance is seen at $76.00 and then at $76.50. Next support is seen at $74.97 and then at $74.26.

(Kitco News) - The gold market is finding some bullish support following disappointing economic growth in the first quarter, and the precious metal could attract further bids after weaker-than-expected U.S. new home sales data.New home sales fell 6.2% in April to a seasonally adjusted annual rate of 622,000, down from March’s sales rate of 663,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced Thursday.The decline was significantly larger than expected, as economists had forecast a relatively stable housing market with a sales rate of 661,000.On an annual basis, new home sales are down 11.3%.The gold market is not seeing much reaction to the disappointing housing data. Spot gold last traded at $4,459.90 an ounce, roughly unchanged on the day.The precious metal had already posted significant gains ahead of the North American market open.During the European session, gold prices hit a low of $4,366 an ounce, falling below their 200-day moving average.

(Kitco News) - The gold market has managed to bounce off its session lows but remains under significant selling pressure, even as the U.S. economy continues to cool and inflation pressures remain relatively muted — conditions analysts say could give the Federal Reserve room to cut interest rates by the end of the year.The Bureau of Economic Analysis announced the preliminary reading of first-quarter Gross Domestic Product on Thursday, saying the economy grew 1.6% quarter over quarter, down from the initial estimate of 2.0%. The data came in weaker than economists' expectations, with consensus forecasts calling for growth to hold steady at 2.0%.“Real GDP was revised down 0.4 percentage point from the advance estimate, primarily reflecting downward revisions to investment and consumer spending,” the report said.“Within investment, the revision primarily reflected a downward revision to private nonfarm inventory investment, led by manufacturing and retail trade, based primarily on revised U.S. Census Bureau inventory book value data,” the report said. “The revision to consumer spending reflected a downward revision to services that was partly offset by an upward revision to goods. Within services, the largest contributor to the downward revision was health care (outpatient services as well as hospital and nursing home services), based primarily on U.S. Census Bureau Quarterly Services Survey data.”The weak economic activity appears to be cooling inflation pressures. In a separate report, the BEA said its core Personal Consumption Expenditures Index, which excludes volatile food and energy prices and is the Federal Reserve’s preferred inflation gauge, increased 0.2% last month, compared to a 0.3% increase in March.Economists had expected to see a 0.3% increase.For the year, core inflation rose 3.3%, in line with economists' expectations. Some economists note that despite slower economic growth, inflation remains well above the central bank’s 2% target.The gold market is seeing some renewed buying momentum in its initial reaction to the latest economic data. Spot gold last traded at $4,409.10 an ounce, down 1% on the day.The precious metal suffered significant chart damage overnight as prices fell below initial support at $4,500 an ounce.