Gold Price Solidly Up On Safe-Haven Buying Ahead Of Long U.S. Weekend

(May 23, 2025 - Jim Wyckoff, Kitco News)

(Kitco News) - Gold prices are posting good gains in early U.S. trading Friday, on continued safe-haven flows ahead of a three-day U.S. holiday weekend. Silver prices are just slightly up. June gold was last up $65.90 at $3,360.90. July silver prices were last up $0.051 at $33.27.

The U.S. stock market has become wobbly again Friday morning following a couple of social media posts by President Trump. That’s benefitting safe-haven gold. One post said Apple IPhones will have a 25% tariff if they are not made in the U.S. The other post said U.S.-European Union trade talks are going nowhere and the U.S. is set to levy 50% tariffs on the EU beginning June 1.

Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock indexes are pointed to solidly lower openings today in New York, after trading near steady overnight.

The key outside markets today see the U.S. dollar index lower. Nymex crude oil futures prices are near steady and trading around $61.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.519%.

U.S. economic data due for release Friday is light and includes new residential sales.

July silver futures bulls have the slight overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $34.015. The next downside price objective for the bears is closing prices below solid support at the May low of $31.78. First resistance is seen at $33.50 and then at $34.015. Next support is seen at $33.00 and then at Thursday’s low of $32.74. Wyckoff's Market Rating: 5.5.