Gold and silver prices fall as Iran strikes revive oil risk – Kitco AM Report

(Kitco NewsWire, Tues May 26th, 2026) – Spot gold prices are down and spot silver prices are sharply lower in early U.S. trading Tuesday, as a firmer U.S. dollar and renewed oil volatility offset support from lower Treasury yields. At the time of writing, spot gold was trading near $4,512.50 an ounce, down 1.26%, while spot silver was trading near $76.085, down 2.55% on the session.

The U.S. data calendar is active after Monday’s Memorial Day closure. Traders are watching the March S&P/Case-Shiller home price index at 9 a.m. ET and May consumer confidence at 10 a.m. ET, before Richmond Fed manufacturing on Wednesday and the April personal income, spending and inflation data on Thursday. The rate backdrop is less hostile than last week, with the 10-year Treasury yield near the 4.5% area, but the dollar remains firm enough to keep bullion pinned near the lower end of its recent range.

The current impact on gold is mixed: renewed Hormuz uncertainty supports defensive demand, but any oil-led inflation impulse can keep rate expectations and the dollar elevated. Across other markets, the clearest transmission remains in crude, refined fuels, shipping risk, Treasury duration, the dollar and energy-linked equities.

Global equities were mixed before the U.S. open. U.S. futures pointed modestly higher as investors continued to price some probability of a U.S.-Iran framework deal, even after the latest strikes. In Europe, Germany’s DAX and France’s CAC 40 were lower, while Britain’s FTSE 100 was firmer. In Asia, Japan’s Nikkei 225 slipped from record highs and South Korea’s Kospi rose 2.6% after a holiday.

The key outside markets see Nymex WTI crude oil prices higher and trading around $91.77 a barrel, while Brent crude was near $95.24. The U.S. dollar index is firmer. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.5% area.

Spot silver bulls’ next upside price objective is to drive prices back above the $76.80 to $78.00 area, with a move above that zone targeting $78.92 and then $83.61. The next downside price objective for the bears is a break below $75.55, with deeper downside targets at $75.00 and then $74.68. First resistance is seen at $76.80 and then at $78.00. Next support is seen at $75.55 and then at $75.00.