Gold Holds Firm Near $4,050 as Oil Prices Fall Back

Spot gold and silver prices saw modest gains in late-afternoon U.S. trading Friday, as crude oil pulled back from Thursday's spike. At the time of writing, spot gold was trading near $4,052.70 an ounce, up 0.08%, while spot silver was trading near $58.16, up 0.87% on the session.

The metal's session range was $4,021.20 to $4,083.10, leaving it above Thursday's lows but below the resistance region identified in the latest technical setup. Silver's session range was $56.98 to $59.10, with the metal rebounding from Thursday's selloff but still below its resistance band.

The Strait of Hormuz situation remains highly stressed, with Brent crude falling to $96.78 after briefly trading above $102. This has kept geopolitical risk supporting defensive demand for gold, but any renewed oil spike would lift inflation expectations and limit bullion's upside.