Spot gold fell to about $4,432.60 an ounce Wednesday, June 3, down 1.24% on the session, while spot silver dropped 3.17% to near $72.76, according to Kitco's closing market report. The declines came as crude oil rallied for a third straight session and Treasury yields rose.

WTI crude settled at $96.02 a barrel and Brent at $97.81, with analysts estimating 11 million to 14 million barrels per day of supply could be at risk if the Strait of Hormuz remains closed. The benchmark 10-year U.S. Treasury yield traded near 4.5%, pressuring non-yielding metals despite elevated geopolitical risk.

U.S. economic data added to the pressure. Private employers added 122,000 jobs in May, above the 110,000 consensus and the strongest ADP reading in 16 months. The ISM Services PMI rose to 54.5 from 53.6, with its prices component at 71.3, the highest since August 2022.

Equities retreated alongside metals. The S&P 500 fell 0.7% to 7,553.68, snapping a nine-day winning streak, while the Dow dropped 1.2% and the Nasdaq lost 0.9%.

On the charts, Kitco identified first resistance for gold at $4,436 and then $4,460, with first support at $4,426.40 and deeper targets at $4,400 and $4,367. For silver, resistance sits at $73.20 and $73.84, with support at $72.63 and then $72.00.

Source: Kitco News -- https://www.kitco.com/news/article/2026-06-03/gold-breaks-4440-us-iran-fighting-pressures-markets-kitco-pm-report