Gold Breaks Four-Day Advance as Yields Ease and Oil Drops

Gold and silver prices declined in late U.S. trading on Thursday after a softer wholesale inflation report. Spot gold fell 1.31% to $4,349.80 an ounce and silver dropped 1.40% to $64.29. Lower Treasury yields reduced rate-hike expectations, easing demand for metals as near-term inflation hedges.

Equity markets mostly rose, with the S&P 500 hitting a record 7,798.99. Brent crude slipped 2.1% to $87.07 a barrel on weaker demand forecasts. The 10-year Treasury yield eased to 4.648%, while September Fed hike odds fell to 34.6%.

Technically, gold faces resistance at $4,448 with support at $4,332. Silver’s key levels are resistance at $66.53 and support at $64.47.