Spot gold rose 0.63% to $4,165.40 an ounce, while silver gained 0.53% to reach $61.26. The shift followed a broader cooling in bond markets, where the 10-year Treasury yield slipped to 5.27%, offering equities and commodities room to breathe. North American markets responded positively to the easing yields, with the S&P 500 and Nasdaq Composite both hitting record highs.

Market participants remain focused on the path of Federal Reserve policy, particularly after September payrolls grew by a modest 29,000 jobs. While recent ISM services data highlighted persistent inflation pressures, the Fed’s next moves will be tested by upcoming releases, including Wednesday’s Fed minutes and Thursday’s weekly jobless claims. Although energy supply risks remain a concern due to the situation in the Strait of Hormuz, the immediate blockade premium has softened as crude flows recover. Brent crude traded at $100.58, while WTI held near $89.44, leaving energy inflation as a central factor in the Fed’s ongoing reaction function.