Gold prices fell on Tuesday, with the spot price settling at $4,291.60 an ounce, down 0.43%, according to Kitco. The decline was due to elevated crude oil prices, a firmer U.S. dollar, and a 10-year Treasury yield near 5%. These factors kept pressure on non-yielding metals ahead of Wednesday’s Federal Reserve decision.

The S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 all closed lower, with the S&P 500 falling 34.25 points, or 0.4%, to 7,585.73. European markets also finished in the red, with the STOXX Europe 600 down 0.28% to 634.18.

The market risk is the guidance from the Fed, which could signal a broader tightening cycle if Chair Kevin Warsh frames the hike as insurance against oil-driven inflation. This would be a sharp shift from one week ago and would keep gold facing another real-yield headwind.

Precious metals traded defensively because the rates channel remained in control. Gold settled at a six-week low and stayed below the $4,316 to $4,355 resistance band highlighted in the latest technical setup. Silver also failed to reclaim its $63.76 short-term resistance area and remains vulnerable while trading below $64.51.

The Strait of Hormuz remains the main geopolitical channel into oil, inflation expectations, and defensive demand. The Saudi East-West Pipeline is still offline after attacks blamed on Iran-aligned fighters, while commodity-vessel traffic through Hormuz fell to four on Monday from 10 a day earlier.

Brent crude settled at $108.75 a barrel, and Reuters-reported market pricing showed WTI above $106 intraday. For gold, the setup remains conflicted: Hormuz and pipeline disruptions support defensive demand, but crude above $100 raises inflation expectations, lifts yields, and strengthens the Fed-hike case.

The key outside markets see Nymex WTI crude oil prices firmer and trading above $106 a barrel, while Brent crude settled near $108.75. The yield on the benchmark 10-year U.S. Treasury note is trading near 5.00%. The U.S. dollar index is firmer.

Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,316.00 resistance level, with a sustained move targeting $4,355.00 and then $4,402.00. Bears’ next near-term downside price objective is a break below $4,283.00, with deeper downside targets at $4,252.00 and then $4,223.00.

Spot silver bulls’ next upside price objective is to drive prices back above $63.76, with a move above that level targeting $64.51 and then $65.28. The next downside price objective for the bears is a break below $62.34, with deeper downside targets at $61.60 and then $60.81.

Silver remains vulnerable while trading below $64.51, despite Middle East risk providing background support.

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