Gold Prices Rebound as Labor Market Signal Boosts Bullion
The precious metals market stabilized on Friday as gold and silver prices rebounded from Thursday's selloff. Spot gold was trading near $4,055.00 an ounce, up 0.16%, while spot silver was trading near $58.31, up 1.35% on the session.
The recovery was influenced by a stronger U.S. labor-market signal and elevated crude oil prices. However, firm Treasury yields capped gold's upside, keeping it below the resistance levels identified in the latest technical setup.
The ECB left its deposit rate unchanged at 2.25%, while the main refinancing rate remains at 2.40% and the marginal lending rate is at 2.65%. The focus remains on the intensity and duration of the energy-price shock, which has widened the shipping-risk map and complicated Gulf export routes.
Traders are watching Fed communication ahead of next week's July 29 policy decision, as well as flash PMI data and jobless claims. A sustained move above $4,067 would improve gold's short-term setup, while a break below $4,030 would put the $3,998 support area back in focus.