Gold Drops as Oil Spike and Yields Weigh on Prices

Gold and silver prices fell sharply on Thursday as rising U.S. Treasury yields, a stronger dollar and a fresh oil spike outweighed safe-haven buying tied to U.S.-Iran tensions. Spot gold slipped nearly 2% to around 4,047.80 dollars per ounce, while silver dropped 3.46% to 57.64 dollars. North American and European equity indices closed lower amid tech weakness and higher energy costs, with the S&P 500 down 1.2%, Nasdaq off 2.2% and the STOXX Europe 600 losing 1.18%. U.S. jobless claims hit their lowest level since 1969, and the ECB kept rates unchanged. Brent crude exceeded 100 dollars while the 10-year yield hovered near 4.7%. Technically gold holds above support at 4,039.40 dollars and silver above 58.73 dollars, though both face downside risks if those levels break.