Spot gold traded at $4,113.84, marking a 0.88% gain, while silver rose 1.80% to $59.39. Traders are currently balancing conflicting market signals: while cooling labor data—evidenced by a sluggish 57,000 payroll gain in June—suggests a potential easing of Fed pressure, the central bank’s minutes revealed that 9 of 18 policymakers still anticipate at least one more rate hike before the end of the year. This persistent hawkishness keeps the 10-year Treasury yield hovering near 4.58%, capping significant upward momentum for non-yielding assets.

The situation in the Strait of Hormuz has introduced a complex layer of volatility. Following U.S. airstrikes and retaliatory Iranian targeting of regional allies, crude oil prices have surged toward $80 a barrel. While this geopolitical friction historically favors gold as a safe-haven asset, the resulting inflation fears are simultaneously pushing bond yields higher, creating a tug-of-war for investors. Moving forward, market focus shifts to the upcoming July 14 CPI release, which will likely serve as the primary catalyst for determining if metals can sustain their current rebound or retreat toward support levels at $4,000 for gold and $57.00 for silver.