Spot gold traded near $3,876.40 an ounce, down $110.60, or 2.77%. Spot silver was near $49.930, a decline of $1.610, or 3.13%. Silver’s larger percentage loss came as investors also assessed industrial-demand concerns and volatility in equity markets.

U.S. data offered mixed signals. Initial jobless claims rose to 200,000 in the week ended Nov. 7, above expectations of about 195,000 but still consistent with relatively limited layoffs. Existing-home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, their weakest pace since August 2010, as mortgage rates above 7% curbed demand. Those figures followed an October inflation report showing headline prices up 0.4% and core prices up 0.3%.

Late-session futures pricing implied an approximately 85% chance of a 25-basis-point Fed increase at the Dec. 8-9 meeting and a 15% chance of a 50-basis-point move. The 10-year Treasury yield reached about 5.102%, while the two-year yield rose to 4.862%. Friday’s producer price index, due at 8:30 a.m. EST, is the next major inflation test; a stronger reading could bolster expectations for tighter policy, while softer prices could ease pressure on yields and precious metals.

Geopolitical risks offered some counterweight to the metals’ losses. President Donald Trump said Washington was no longer interested in pursuing a negotiated settlement with Tehran, renewing uncertainty over the Strait of Hormuz, where commercial shipping remains heavily restricted. Oil rose, with WTI up about 2.6% to $88.74 a barrel and Brent gaining roughly 3.3% to $95.82. Higher energy prices may support safe-haven demand but could also add to inflation concerns and the case for further Fed tightening.

North American shares closed lower. The Dow and S&P 500 each fell about 0.4%, while the Nasdaq lost roughly 0.4% and the Russell 2000 dropped 1.7%. The S&P/TSX Composite Index declined 0.75% to 36,137.19. European markets edged higher, with the Stoxx 600 up about 0.2% and Germany’s DAX gaining around 0.5%.

For gold, Kitco’s technical levels put initial resistance at $3,896 and $3,944, with support at the session low of $3,852.10 and then $3,830.33. Silver’s first resistance levels were $50.120 and $51.140; support was $49.590, its session low.