Gold and Silver Extend Gains as Dollar Slides Below 99

Gold and silver prices surged sharply in early Friday trading as the U.S. dollar weakened below the 99 mark on the index. Spot gold reached around $4,594.60 an ounce, rising 1.69%, while silver climbed to $69.470, up 2.23%. The gains stem from fading expectations of a September Fed rate hike and mounting U.S. fiscal concerns.

Softer U.S. growth data, including a lower CPI and weak retail sales, reduced the odds of a near-term hike, though oil-driven inflation risks remain. The 10-year Treasury yield holds near 4.7% and the 30-year near 5.25%. Geopolitical strains in the Strait of Hormuz, with stalled U.S.-Iran talks and sharply reduced shipping traffic, bolster safe-haven demand for the metals.

Technically, gold targets resistance at $4,595 with next levels at $4,671, while silver eyes a break above $69.48. Global equity markets stayed mixed ahead of the U.S. open, with S&P 500 futures gaining 0.3%.