On Thursday (October 8), spot gold prices remained firm during the early US trading session, while spot silver prices fell sharply. Rising oil prices and US Treasury yields made inflation risks and expectations of a tighter monetary policy by the Federal Reserve the core focus of precious metals trading again. Spot gold traded around $4,120 per ounce, up 0.25% on the day; spot silver was at $59.039, down 1.22% on the day. The market is caught in a complex interplay of bullish and bearish forces: on one hand, weak non-farm payroll data signals a cooling economy; on the other hand, the overall inflationary backdrop remains hawkish. The latest US data shows that for the week ending October 3, initial jobless claims fell to 197,000, but continuing jobless claims climbed to 1.716 million; September's non-farm payrolls added only 29,000 jobs. However, the Federal Reserve meeting minutes released on Wednesday showed that the vast majority of policymakers still expect another rate hike before the end of the year. The yield on the 10-year US Treasury note is approaching 5.3%, while the yield on the 30-year Treasury note remains near a 24-year high. Traders are closely watching Thursday's $22 billion 30-year Treasury auction, Friday's preliminary October US consumer confidence reading, and next week's CPI inflation data. Further weakness in employment data or consumer confidence would confirm a slowdown in the job market, providing support for gold prices; however, persistently high inflation expectations, weak demand at the Treasury auction, or renewed oil price increases driving yields upward will continue to suppress precious metal prices. The situation in the Strait of Hormuz and the US-Iran rivalry are the most significant risk factors in the current oil market, indirectly impacting gold prices through inflation and US Treasury yields. Following the attack on another oil tanker in northern Qatar, Brent crude prices broke through $104 per barrel, and West Texas Intermediate (WTI) crude reached $92. The weekly frequency of attacks on ships in the Gulf and the Strait of Hormuz has reached its highest level since the outbreak of the conflict with Iran. Furthermore, the hurricane caused the shutdown of oil and gas facilities in the Gulf of Mexico, disrupting approximately one-quarter of Gulf oil production and further exacerbating the tight oil supply. While geopolitical risks typically benefit gold, the market transmission logic on Thursday was more complex: higher oil prices boosted inflation expectations, drove up US Treasury yields, and simultaneously pressured stock and silver prices. Gold Technical Analysis (Spot Gold Daily Chart Source: FX678) Spot gold bulls' next upside target: to push gold prices back above the $4151.29-$4199.06 resistance zone; a successful break above this level would target $4226.00, followed by $4230.51. Bears' short-term downside target: a break below the $4118.19 support level; further downside targets are $4103.00, then $4066.00. First resistance level: $4151.29, followed by $4199.06; first support level: $4118.19, followed by $4103.00. Silver Technical Analysis Spot silver bulls' next upside target: to push silver prices back into the $60.451-$61.162 range; a break above this range would target $62.046, followed by the 50-day moving average around $64.210. Downside targets: A break below $58.681; further downside targets are $57.00, followed by $54.780. First resistance is at $60.451, followed by $61.162; first support is at $58.681, followed by $57.00.