Gold and silver prices dropped sharply in early US trading Thursday as fresh attacks on commercial shipping in the Strait of Hormuz sent crude oil higher and renewed concerns about inflation. The prospect of interest rates remaining elevated weighed on precious metals, despite lower Treasury yields amid continued geopolitical uncertainty. Spot gold traded near $4,065 an ounce, down 1.89%, while silver fell 4.63% to $55.22 at the time of writing. US labor data keeps rate outlook in focus Fresh employment figures offered little indication that the labor market was weakening. Initial jobless claims declined by 6,000 to a seasonally adjusted 194,000 in the week ended Oct. 17, below expectations of around 200,000 and down from the previous week's revised 200,000.…
Gold drops below $4,070 as Hormuz crisis pushes oil above $112
