Gold and Silver Prices Weaken Under Fed Rate Hike Influence

Precious metals prices eased after North American trading as investors reacted to jobs data and awaited Federal Reserve minutes. Spot gold traded near 4161.90 dollars per ounce, down 0.29 percent, while silver stood at 61.90 dollars, off 0.59 percent. Futures settled higher, with gold up 1 percent at 4155.10 dollars and silver gaining 2.1 percent to 61.92 dollars, marking multi-week highs. Rhona O’Connell of StoneX observed that gold ETFs remain without investor interest, tempering the rebound. The Fed held rates at 3.50–3.75 percent amid inflation above 2 percent and supply shocks. TD Securities noted persistent net-short CTA positions, with markets still pricing a year-end hike. Strait of Hormuz risks persist without strong price support as crude fell and flows resumed. The ISM services PMI came in at 54.0, the dollar stayed firm and 10-year yields near 4.5 percent. Technical resistance for gold lies at 4260–4400 dollars with support below 3900; silver faces resistance at 64–72 dollars.