Gold Climbs as Softer Dollar Offsets Oil-Fueled Yield Pressure

In early US trading gold prices advanced while silver stayed nearly flat, supported by a softer dollar even as higher Treasury yields and oil prices capped gains. Gold hovered near 4367.50 dollars an ounce, rising 0.79 percent, with silver at 63.230 dollars, up just 0.04 percent.

Softer US data have curbed odds of a September Fed rate hike, leaving the 10-year yield near 4.7 percent and the dollar index around 99.36. Traders now focus on the Fed’s July minutes and upcoming indicators.

Geopolitical strains around the Strait of Hormuz keep crude elevated, with Brent near 91.50 and WTI at 85 dollars a barrel, sustaining inflation concerns. Asian equities fell overnight while US futures held steady.

Technically gold faces resistance at 4446 dollars and support at 4320, while silver’s key levels stand at 62.75 resistance and 61.55 support.