Gold, Silver Prices Hold Steady Amid Weakening Oil Prices

Gold and silver prices remained steady in late afternoon trading on Friday, with both metals holding onto weekly gains. The positive performance came as lower oil prices offset some of the pressure from a rebound in Treasury yields and a stronger U.S. dollar.

The spot gold price was around $4,382.38 an ounce, up 0.85%, while spot silver was trading at $66.13, a gain of 1.58% on the session. The metals complex still needs confirmation to continue its post-Fed rally.

Lower oil prices had a mixed impact on gold's performance. While lower crude reduced the near-term inflation shock, sticky Fed-hike pricing and 5% Treasury yields continued to limit the upside for gold.

The Strait of Hormuz remains a key geopolitical channel into oil, inflation expectations, and defensive demand, but Friday's market impact came through a partial unwind of the geopolitical crude premium. Oil prices fell after China asked Iran to limit Houthi attacks on Saudi oil infrastructure.