Gold Climbs as Dollar Weakens from Yearly Highs

Gold prices are showing resilience as the U.S. dollar retreats from its yearly highs, providing a boost to dollar-denominated commodities. Traders are closely watching the dollar’s pullback and reacting to falling Treasury yields, which have eased slightly with the 2-year yield near 4.80% and the 10-year yield around 5.27%. The Federal Reserve’s next rate hike, expected in December due to high oil prices, remains a key focus, though the probability of an October hike stands at just 19.4%. Despite Brent oil’s rebound above $100.00, gold has managed to avoid significant pressure, with its next target at $4,300, $4,320 if it holds above $4,160.

Silver is struggling to break out of its tight range, with the gold/silver ratio remaining unchanged. A move above $62.00 could push silver towards $64.16, while a drop below $60.00 might test support at $56.00, $57.00. Meanwhile, platinum is under pressure despite the weaker dollar and lower Treasury yields, as rising oil prices raise concerns about reduced demand. Platinum is attempting to settle below $1,700, with potential support at $1,600, $1,620 if it fails to rebound.