Gold traded near $4,141.01 an ounce, rising 0.66% as cooling crude oil prices and a weaker dollar offered support. The precious metal continues to function as a defensive play, though its safe-haven appeal faces friction from a buoyant equity market, where the Nasdaq Composite climbed 1.05% on strong corporate results. Silver followed a similar trajectory, gaining 0.34% to reach $57.976.

Economic indicators suggest significant strain in interest rate-sensitive sectors. September housing starts fell 5.2% to an annual rate of 1.221 million units, missing market expectations, while pending home sales dropped 7.3%. These figures highlight the impact of high mortgage rates on household sentiment. Meanwhile, the Federal Reserve remains in a communications blackout, leaving markets to fixate on upcoming jobless claims and manufacturing data to gauge the likelihood of further tightening.

Geopolitical friction near the Strait of Hormuz continues to complicate the outlook for energy prices. Although crude oil prices softened—with WTI futures settling at $97.15 a barrel—the persistent threat to shipping routes maintains a floor under energy costs. Investors remain cautious as they balance these military and supply risks against the broader macroeconomic environment, where rising bond yields in France and persistent inflation signals maintain a complex, volatile backdrop for global investors.