Spot gold traded nearly flat on Tuesday, while silver posted a modest gain. Precious metals remained caught between opposing market forces, as a stronger U.S. dollar and rising crude oil prices limited gold’s upside, while lower U.S. Treasury yields provided some support for non-yielding assets.

At the time of writing, spot gold was trading around $4,488.30 per ounce, up 0.07%. Spot silver was trading near $75.195 per ounce, gaining 0.44% on the session.

U.S. Labor Data Sends Mixed Signals

One of the key market highlights was the latest U.S. job openings data. Job openings rose to 7.6 million in April, up from 6.9 million in March. The figure exceeded market expectations of 6.8 million and marked the highest level since May 2024.

The data suggests that labor demand in the United States has not weakened significantly. However, declines in quits, layoffs, and overall hiring point to a more cautious backdrop among both employers and workers. As a result, investors are now awaiting the May employment report for clearer insight into the health of the U.S. economy and the Federal Reserve’s policy outlook.

Strait of Hormuz Remains a Key Risk Factor

Geopolitical risk continues to play an important role in oil prices, inflation expectations, and precious metals. The Strait of Hormuz remains a major focus as talks between the United States and Iran over reopening the key shipping route remain unresolved.

Crude oil prices edged higher as traders continued to assess mixed signals from Washington and Tehran. Earlier tanker data showed that only four oil tankers passed through the strait, compared with the pre-war daily average of nearly 130 vessels. This continues to raise concerns over global energy supply.

For gold, the current impact is two-sided. Unresolved geopolitical risk supports defensive demand, but rising oil prices may increase inflation expectations, while a stronger U.S. dollar continues to cap gains in the precious metal.

U.S. Stocks Hit New Highs on AI Momentum

Despite pressure from higher oil prices and a stronger dollar, U.S. equities closed higher. The S&P 500 rose 0.1% to 7,609.78, while the Nasdaq Composite edged higher to 27,093.90. Both indexes recorded new closing highs.

The Dow Jones Industrial Average gained 228.91 points, or 0.4%, to close at 51,307.79. Meanwhile, the Russell 2000 rose 0.9% to 2,931.96. Market momentum continued to be driven mainly by semiconductor stocks and companies linked to artificial intelligence.

Technical Outlook for Gold and Silver

From a technical perspective, gold bulls need to push prices back above the $4,500–$4,526 per ounce resistance zone to strengthen the upside momentum. If this area is cleared, the next upside targets could be $4,550 and $4,576.

On the downside, a break below $4,462.50 could open the door for further selling pressure toward $4,418 and then $4,400.

For silver, the nearest resistance zone is located around $75.50–$75.80 per ounce. A breakout above this range could bring the next targets at $76.55 and $77.32 into focus. On the downside, key support is seen at $74.38, followed by $73.25 and $72.00.

Conclusion

Precious metals are currently trading in a fragile balance. Gold continues to receive support from geopolitical uncertainty and lower Treasury yields, but a stronger U.S. dollar and rising oil prices are limiting its recovery. Silver remains slightly positive, but it needs to break above nearby resistance to confirm stronger upside momentum.

In the near term, investors should continue to monitor developments around the Strait of Hormuz, upcoming U.S. employment data, and movements in the U.S. dollar. These factors are likely to play a key role in determining the next direction for gold and silver.

This article is for informational and educational purposes only. Financial trading involves risk. Investors should conduct their own analysis and take responsibility for their own decisions.