Gold Stabilizes as U.S. Stocks Hit Record Highs

Gold prices showed signs of stabilization in North American trading on Tuesday following Monday’s sharp decline, supported by easing oil prices and record highs in U.S. equity markets. At the time of writing, spot gold was trading near $4,557 per ounce, while silver reached around $73.68. U.S. economic data presented a mixed picture, with the ISM services PMI slightly declining to 53.6 but remaining in expansion territory, while JOLTS job openings showed little change and hiring increased to its highest level since February 2024.

This suggests that although the services sector continues to grow and inflation remains elevated, the labor market is only gradually cooling—keeping the outlook for monetary policy uncertain for gold investors. Meanwhile, the 10-year U.S. Treasury yield eased to around 4.4% but remains above pre-geopolitical tension levels. Equity markets strengthened as oil prices pulled back, with the S&P 500 and Nasdaq reaching new record highs. 

Brent crude fell about 4% after confirmation of an ongoing Iran ceasefire, reducing geopolitical risk premiums. Traders are now focused on upcoming labor market data, including ADP employment and nonfarm payrolls, for further direction. From a technical perspective, gold needs to break above the $4,568–$4,629 resistance zone to extend gains toward $4,700, while a drop below $4,503 could trigger further downside. Silver also faces key resistance at $75, with support seen near $72.88.