Gold Price Snaps Four-Day Win Streak as Yields Ease and Oil Drops
The gold price snapped its four-day winning streak on Thursday as yields eased and oil prices dropped.
A cooler wholesale inflation report led to a cut in Treasury yields and rate-hike expectations, which reduced demand for metals as near-term inflation hedges. At the time of writing, spot gold was trading at $4,349.80 an ounce, down 1.31%, while spot silver was trading at $64.290, down 1.40% on the session.
The S&P 500 rose 0.7% to a record 7,798.99, and the Nasdaq Composite gained 0.8% to 26,803.03. However, oil prices fell after demand forecasts were marked lower, with Brent crude down 2.1% to $87.07 a barrel.
The setup for gold remains two-sided: reduced crude prices and lower yields ease the Fed-inflation channel, but continued shipping constraints keep a geopolitical floor under energy risk and limit the downside in defensive positioning.