Spot Gold Slips to $4,139.80 as Dollar Firms, Middle East Risk Eases on Monday

According to Kitco NewsWire, spot gold and silver prices slipped in early U.S. trading on Monday (July 7), with gold trading near $4,139.80 an ounce, down 0.82%, and silver at $61.66, down 0.98%, as a firmer U.S. dollar and easing geopolitical risk in the Middle East offset support from softer labor data.

The market repricing follows June's weaker-than-expected payroll figures, which have pushed near-term Federal Reserve rate hike expectations lower. The dollar recovered modestly, with the DXY index near 101.035. Meanwhile, the Strait of Hormuz risk has shifted from acute shock to managed concern, with oil prices slipping after OPEC+ signaled a supply increase and shipping activity continued to recover. Traders await Wednesday's 2 p.m. ET FOMC minutes for clarity on the Fed's inflation stance.