Gold and Silver Rise to $4,046 and $58.24 as Dollar Eases Before U.S. Market Open

According to Kitco, spot gold and silver prices rebounded Friday before the North American market open, with gold trading near $4,046.20 per ounce, up 0.50%, and silver near $58.240, up 0.84%, as a softer U.S. dollar provided support. The dollar index traded at 101.22, near its 52-week high of 101.80, while the 10-year Treasury yield remained around 4.4%.

Thursday's U.S. inflation data reinforced expectations that rate cuts are unlikely at the July 28-29 Federal Reserve meeting, with May PCE inflation at 4.1% year-over-year. Meanwhile, vessel traffic through the Strait of Hormuz doubled over 24 hours Thursday to levels last seen in late February, easing geopolitical concerns as crude oil prices retreated. Nymex WTI crude fell to $69.67 per barrel, while Brent crude traded near $73.05.