Gold and Silver Climb with Risk Assets as Crude Drops on Deal Hopes

Spot gold and silver advanced in late Thursday trading, supported by softer crude prices, lower Treasury yields and a weaker dollar ahead of Friday’s jobs report. Gold stood near $4,477.70 an ounce (+0.97%), while silver reached $73.955 (+1.66%).

Initial jobless claims rose 13,000 to 225,000, but continuing claims fell, hinting at marginal labor-market easing. Hopes for a U.S.-Iran deal triggered an oil retreat (NYMEX near $93.02, Brent near $95.22), easing yields and aiding metals via the rate-cut channel.

U.S. equities rotated into a broad rally: the Dow jumped 874.86 points to a record 51,561.93, the S&P 500 gained 30.63 points, and the Nasdaq slipped 23.02 points. Gold bulls next target the $4,530–4,550 resistance zone, while silver eyes its 50-day average at $76.15.