Gold and Silver Slump as Fed Minutes Keep December Hike Risk Alive

Spot gold and silver prices fell sharply Wednesday evening as Fed minutes left open the chance of a year-end rate hike. Gold traded near $4,109.90 per ounce, down 1.28%, while silver stood at $59.670, down 2.55%. Rising long-term Treasury yields to 5.28% and a firmer dollar weighed on the metals.

U.S. and European equities closed lower, with the S&P 500 off 0.2% and the Dow Jones down 0.7%. Weak September jobs data contrasted with elevated ISM services prices, keeping focus on upcoming releases including CPI.

Oil eased, Brent to $100.20 and WTI to $88.28, cutting some inflationary pressure though Hormuz tensions linger. Technically gold faces resistance at $4,118-$4,151 with support below $4,103.50.