(Kitco NewsWire) - Spot gold prices are weaker and spot silver prices are also lower in early U.S. trading Thursday, as another hot inflation print kept the Fed-rate channel in control while the U.S.-Iran conflict continued to support the oil-risk premium. At the time of writing, spot gold was trading near $4,063.50 an ounce, down 0.19%, while spot silver was trading at $63.235, down 0.30% on the session.
U.S. producer prices rose 1.1% in May and 6.5% from a year earlier, the largest annual increase since November 2022. Core wholesale prices rose 0.4% on the month and 4.9% from May 2025. Initial jobless claims rose to 229,000 in the week ended June 6, up 4,000 from the prior week, while continuing claims rose to 1.8 million.
The U.S. and Iran traded strikes for a second day, Iran announced the strait was closed, U.S. Central Command disputed the claim and Washington said its forces disabled another tanker outside the passage while enforcing the blockade on Iranian ports. Traffic was already severely restricted, and the conflict is now being priced as an energy-inflation shock with intermittent haven demand rather than a one-way gold bid. Oil remains the cleanest transmission asset, Treasury yields remain vulnerable to energy-led inflation and equity futures are holding up only because traders are distinguishing between a full closure shock and the restricted-flow regime already embedded in prices.
U.S. equity futures were higher before the open as investors looked past the latest U.S.-Iran headlines and focused on whether the morning inflation data would force another leg higher in Treasury yields. S&P 500 futures rose 0.5%, Nasdaq futures rose 0.8% and Dow futures rose 0.4%. The move followed Wednesday’s selloff in AI-linked technology shares and a broader risk-off tone tied to inflation and Middle East escalation.
The key outside markets see Nymex WTI crude oil prices firmer and trading around $91.00 a barrel, while Brent crude was near $93.35. The U.S. dollar index is firmer. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.5% area.
Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,100.00 to $4,154.00 resistance zone, with a sustained move targeting $4,194.00 and then $4,250.00. Bears’ next near-term downside price objective is a break below $4,040.00, with deeper downside targets at $4,000.00 and then $3,883.00. First resistance is seen at $4,100.00 and then at $4,154.00. First support is seen at $4,040.00 and then at $4,000.00.
Spot silver bulls’ next upside price objective is to drive prices back above the $66.00 to $68.54 resistance zone, with a move above that zone targeting $70.50 and then $72.00. The next downside price objective for the bears is a break below $62.15, with deeper downside targets at $61.00 and then $60.00. First resistance is seen at $66.00 and then at $68.54. Next support is seen at $62.15 and then at $61.00.
