(Kitco News) - Gold and silver prices are slightly to modestly higher near midday Thursday, following some key U.S. inflation data that contained no surprises. June gold was last up $26.40 at $4,803.50. May silver prices were up $0.15 at $75.54.
Today’s U.S. core PCE price index, which is the Federal Reserve's preferred gauge of underlying inflation in the U.S. economy, rose by 0.4% from the previous month in February of 2026, sustaining the 10-month high recorded over the previous two months. Figures came in line with the market consensus. From the previous year, the core PCE price index rose by 3%, down from 3.1% in the prior month and remaining well above the Federal Reserve's 2% target.
The key outside markets at midday see Nymex WTI crude solidly higher and trading around $101.00 a barrel. The U.S. dollar index is weaker. The yield on the benchmark 10-year U.S. Treasury note is presently 4.285 percent.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
Technically, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,500.00. First resistance is seen at this week’s high of $4,888.00 and then at $4,900.00. First support is seen at today’s low of $4,718.60 and then at this week’s low of $4,626.20. Wyckoff's Market Rating: 6.0.
May silver futures bulls’ next upside price objective is closing prices above solid technical resistance at $80.00. The next downside price objective for the bears is closing prices below solid support at the March low of $61.21. First resistance is seen at this week’s high of $77.80 and then at $80.00. Next support is seen at today’s low of $72.925 and then at this week’s low of $69.78. Wyckoff's Market Rating: 5.5.
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