World gold and silver prices recovered on the morning of May 29th.

SKĐS - Spot gold is trading around $4,495.00 per ounce, up 0.89% during the session, while spot silver is at $75.530, up 1.35%.

Gold and silver prices recovered slightly as weaker-than-expected US economic growth data and a weakening dollar offset inflationary pressures related to tensions in the Strait of Hormuz and US-Iran relations.

World gold and silver prices recovered slightly (illustrative image).

Specifically, the US GDP for the first quarter, just released, fell to 1.6% year-on-year, lower than the previous estimate of 2.0%, while PCE inflation in April rose 0.4% month-on-month and 3.8% year-on-year. Core PCE inflation increased 0.2% month-on-month and 3.3% year-on-year.

The downward revision of growth figures, coupled with a cooling monthly core PCE index, helped gold prices recover from session lows, although the annual inflation rate remains significantly higher than the Federal Reserve's 2% target.

The combination of these data points led traders to predict a narrower path of monetary policy easing by the Fed. The yield on 10-year US Treasury bonds remained around 4.48%, while the US dollar index fell 0.1% to near 99.16 shortly after the data was released.

The Strait of Hormuz continues to be a focal point of geopolitical tension in the market. It is a strategic choke point in the Persian Gulf, where oil tanker traffic, crude oil exports, and inflation expectations are being revalued based on the likelihood of a broader agreement between the US and Iran.

A proposed 60-day framework is being discussed to extend the ceasefire, reopen toll-free shipping lanes, and restart nuclear negotiations. However, approval is not yet complete, and clashes around the waterway over the past 48 hours continue to maintain high risk premiums for oil, gold, and interest rates.

Middle East tensions have a two-way impact on commodity prices. Oil prices have fallen, fueled by expectations of military agreements that have eased inflation concerns, while also supporting gold prices through lower yields and a weaker dollar. Conversely, any new military developments could push crude oil prices, inflation expectations, and the dollar higher—factors that have previously exerted significant pressure on non-yielding precious metals.

In other markets, Nymex WTI crude oil prices edged higher and stabilized around $88.90 a barrel, while Brent crude traded near $92.72 a barrel. The US dollar index weakened. Yields on 10-year US Treasury bonds hovered around 4.5%.

Technically, the next upside target for spot gold buyers is to push the price back above the resistance zone of $4,589.00 to $4,631.00, before heading towards $4,774.00 and $4,804.00. Meanwhile, the short-term downside target for sellers is to push the price below $4,366.00, with deeper targets at $4,099.12 and then $4,000.00.

The first resistance level was noted at $4,589.00, followed by $4,631.00. The first support levels were at $4,401.00 and $4,366.00.

For spot silver, the next bullish target for buyers is to push the price back above the $76.14 to $78.00 range, before heading toward $79.00 and $85.00. Conversely, the bearish target for sellers is to break below $74.97, with lower targets at $72.78 and $71.79.

The first resistance level was noted at $76.14, followed by $78.00. Subsequent support levels are located at $74.97 and $72.78.

Source: https://suckhoedoisong.vn/gia-vang-bac-the-gioi-sang-29-5-hoi-phuc-169260529072806515.htm