Gold and Silver Climb as Fed's Waller Lowers September Hike Odds

Gold and silver prices surged sharply on Thursday after Fed Governor Christopher Waller signaled he would favor holding rates steady if upcoming inflation data cools. This pushed Treasury yields lower and weakened the dollar. Spot gold traded near $4,471.10 an ounce, up 1.92%, while silver reached $66.830, gaining 2.49%. U.S. and European equities finished higher, with the S&P 500 rising 1.1% to 7,747.71. September rate-hike odds fell to 50.4%, two-year yields hit 4.34% and ten-year yields stood at 4.77%. ISM services data delivered mixed readings. Geopolitical tensions around the Strait of Hormuz had limited market impact, with WTI crude settling near $91.30. Technically, gold eyes resistance at $4,489.87 and silver targets $67.21.