Gold, Silver Prices Rise on Soft Dollar, Strait of Hormuz Concerns

Spot gold and silver prices rose on Friday in late-afternoon U.S. trading due to a softer dollar, fiscal-risk hedging, and concerns about the Strait of Hormuz. Despite elevated Treasury yields, the precious metals market moved higher, with spot gold reaching $4,602.99 per ounce and spot silver at $68.970.

The current market situation reflects a split between firmer near-term economic readings and a weaker dollar, diminished expectations for Fed rate increases, and fiscal unease. The U.S. flash composite PMI climbed to 56.0 in August, while Treasury yields remained high, with the 10-year around 4.7% and the 30-year near 5.3%.

The Strait of Hormuz remains a primary geopolitical channel into oil, inflation expectations, and defensive buying. U.S.-Iran peace talks are stalled, Washington is preparing stricter sanctions on Tehran, and commercial shipping through the strait remains below prewar levels. Oil stayed firm into the close, with Brent near $93.29 a barrel and WTI around $84.34.