Where gold stands
Spot gold is trading near $4,120 per ounce, little changed on the day. The macro backdrop is quiet: the US Dollar Index sits near 101 and the US 10-year yield is around 4.57%.
The gold-silver ratio is near 69, with both metals close to flat over the session. Stepping back, the 12-week trend chart shows the COMEX continuous future has drifted down from a late-April high near $4,720 to about $4,100 — gold now sits close to the low end of that three-month range.
What moved the market
US data through the week leaned soft-to-mixed rather than decisive. Initial jobless claims came in at 215k against a 218k forecast — still a firm labour signal. Existing home sales printed 4.09M versus a 4.19M forecast, a modest miss, and the ISM non-manufacturing PMI eased to 54.0 (forecast 54.2) while its prices component stayed elevated at 67.7.
None of these was a standalone driver for gold; the tape has been consolidating ahead of the inflation data later in the week.