Gold and silver edge higher amid volatile, back-and-forth market action

Gold and Silver Prices Edge Higher After U.S. Inflation Data

Midday Thursday saw gold and silver prices rise moderately, following the release of U.S. inflation figures that met expectations. June gold futures climbed $26.40 to $4,803.50, while May silver increased by $0.15, reaching $75.54.

Core PCE Index Update

The core Personal Consumption Expenditures (PCE) price index, favored by the Federal Reserve as a measure of underlying inflation, rose 0.4% in February 2026 compared to the previous month. This marks a continuation of the 10-month high seen in recent months and aligns with market forecasts. Year-over-year, the index increased by 3%, slightly lower than January's 3.1%, but still above the Fed's 2% target.

Market Overview

At midday, Nymex WTI crude oil was trading strongly higher at around $101.00 per barrel. The U.S. dollar index weakened, and the yield on the 10-year U.S. Treasury note stood at 4.285%.

Gold Pricing Mechanisms

Gold is priced through two main channels: the spot market, which reflects immediate purchase and delivery rates, and the futures market, where prices are set for future delivery. Due to liquidity factors at year-end, the December gold futures contract is currently the most traded on the CME.

Technical Analysis: Gold Futures

• Bulls aim to close above strong resistance at $5,000.00.
• Bears target a drop below solid support at $4,500.00.
• Initial resistance is at this week’s high of $4,888.00, followed by $4,900.00.
• First support is at today’s low of $4,718.60, then at this week’s low of $4,626.20.
• Wyckoff Market Rating: 6.0

Technical Analysis: Silver Futures

• Bulls are looking for a close above resistance at $80.00.
• Bears want to push prices below the March low of $61.21.
• First resistance is at this week’s high of $77.80, then at $80.00.
• Support is found at today’s low of $72.925, followed by this week’s low of $69.78.
• Wyckoff Market Rating: 5.5

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