Spot gold traded near $4,338.80 an ounce, a 0.20% gain, while silver rose 0.44% to $68.475. Despite these gains, the broader macro environment remains challenging for non-yielding assets. The 10-year Treasury yield is holding above 4.5%, and the U.S. dollar index sits near a two-month high, reflecting heightened expectations for interest rate policy ahead of this week’s critical inflation reports.

Geopolitical tensions in the Middle East, including a helicopter crash near the waterway and ongoing diplomatic friction involving Iran, have yet to trigger a sustained supply shock. Markets are currently pricing these events as contained disruptions. Consequently, crude oil has pulled back from overnight highs, with Brent trading near $93 a barrel. While tech shares continue to recover—buoyed by Monday’s gains in AI-linked stocks—gold remains tethered more to currency and interest rate movements than to geopolitical instability.

Technically, gold bulls face a resistance zone between $4,437.03 and $4,481.78, needing to clear these levels to target the 50-day moving average. Silver, meanwhile, is hovering near its 200-day moving average of $67.92. Should prices dip below this threshold, bears may target support levels near $66.16.