Gold, Silver Rebound on Weaker US Data

Gold and silver prices rebounded on Tuesday as softer US labor-market and consumer-confidence data helped bullion recover from Monday's selloff. Spot gold was trading near $4,172.40 an ounce, up 1.42% on the session, while spot silver was trading near $61.270, up 1.23%. The weaker-than-expected data included a decline in August job openings to 7.079 million from 7.335 million in July, and a September consumer confidence drop to 81.9 from 88.6, the lowest reading since 2014.

New York Fed President John Williams said there was 'no need for urgency' regarding monetary policy, which helped pull October rate-hike odds down to around 51.5% from 70.9% on Monday. The relief was partial, however, as long-dated Treasury yields remained near multi-decade highs.

The Strait of Hormuz and US-Iran situation remains unresolved, but the immediate oil premium faded as crude exports from the Middle East showed signs of recovery. Brent crude settled down 2.6% at $102.59 a barrel, while WTI fell 3.5% to $89.38.