Gold and silver retreat as Hormuz tensions sustain yield pressure

Gold traded near $4,104.30 an ounce, a 0.44% decline, while silver slipped 0.57% to $59.49. The precious metals market remains in a tug-of-war following June’s payrolls report, which showed hiring rising by only 57,000—half of analyst expectations. While the downward revisions to previous months initially buoyed gold prices by tempering expectations for Federal Reserve tightening, the 10-year Treasury yield remains elevated at 4.53%, capping further gains.

Simultaneously, energy markets are reacting to uncertainty in the Strait of Hormuz following unclaimed strikes in southern Iran. Although there is no formal blockade, the region remains a flashpoint for global oil flows. Brent crude at $77.08 and WTI at $72.73 sustain a geopolitical bid that keeps inflation concerns at the forefront of Fed policy. Investors are now looking toward the next CPI release for a clearer signal on whether real yields will allow gold to test the $4,162 resistance level or if inflationary pressure will force a retreat toward the $4,000 floor.