The broad market retreat saw the Nasdaq Composite fall 2.9%, with major tech names like Intel and Amazon facing significant pressure. While geopolitical tensions spiked following a tanker attack in the Strait of Hormuz, the resulting surge in crude oil prices—which pushed Brent futures to $117.64 a barrel—did little to bolster gold. Instead, the higher energy costs reinforced inflation concerns, signaling that the Federal Reserve may maintain its restrictive monetary policy despite signs of moderating wage growth and manufacturing activity.

Investors shifted toward government bonds, driving the 10-year Treasury yield down to 4.93%. However, the expected boost to bullion failed to materialize as portfolio rebalancing and forced selling dominated the session. Silver suffered more pronounced losses, reflecting a deterioration in industrial demand sentiment. With the gold-silver ratio widening, the market remains caught between the reality of a 3.4% annualized GDP growth rate and the mounting instability triggered by volatile corporate earnings and regional energy supply risks.