Gold, Silver Rise as US Jobless Claims Temper Rate-Hike Expectations

The US precious metals market saw gold and silver prices rise in early trading Thursday as jobless claims tempered expectations of the Federal Reserve hiking interest rates.

Gold was trading near $4,181.80 an ounce, up 0.62% on the session, while spot silver was near $61.090, up 1.33%

The Fed's rate-hike odds were lowered to around 37%, down from earlier in the week when they reached nearly 70%. However, Treasury yields rose, with the 10-year note reaching a high of 5.34% and the 30-year yield hitting 5.68%.

The Strait of Hormuz situation remains unresolved, contributing to oil-inflation concerns, which are keeping energy prices high enough to sustain inflation fears even as Gulf flows partly recover.