Gold Climbs as Yields Stabilize and Nasdaq Surges Despite Fed Tightening Worries

Spot gold prices advanced in late U.S. trading on Wednesday as silver rebounded from earlier declines. A softer dollar and easing crude oil prices lent support to precious metals even as inflation worries and expectations of further Federal Reserve tightening persisted. Gold hovered near $4,141.01 an ounce, gaining 0.66%, while silver reached about $57.976, up 0.34%.

U.S. housing data signaled weakness, with September starts falling 5.2% to 1.221 million units and permits slipping 0.2%. Crude inventories dropped 3.1 million barrels to 412.5 million, exceeding forecasts. Ongoing tensions around the Strait of Hormuz and U.S.-Iran relations added uncertainty to energy supplies, though December WTI futures settled at $97.15 per barrel, down 0.7%.

U.S. equity markets closed higher on robust corporate earnings. The Dow Jones rose 360.21 points to 52,856.09, the S&P 500 gained 44.60 points to 7,757.17, and the Nasdaq climbed 278.04 points to 26,702.86. European indices finished mixed amid earnings reports and energy concerns.