Silver rose nearly 2% to $56.50 an ounce on Thursday, tracking gains across precious metals as a broader flight to safety amid a global equity sell-off and tech rout supported demand for safe-haven assets. Concerns over the sustainability of AI spending in a high-interest-rate environment, a weaker US dollar, and geopolitical tensions in the Middle East and Ukraine also shaped market sentiment. Meanwhile, US producer price data added to signs of mounting inflationary pressures, echoing the CPI report released on Wednesday. Persistent inflation has reinforced expectations that the Fed will keep interest rates elevated for longer, potentially weighing on non-yielding precious metals.

Silver Rises on Thursday

Gold prices rose to around $4,150 an ounce on Thursday, supported by a broader flight to safety amid a global equity sell-off and a tech rout driven by concerns over the sustainability of AI spending in a high-interest-rate environment. A weaker US dollar and geopolitical tensions in the Middle East and Ukraine also supported the precious metal. Meanwhile, US producer price data added to signs of mounting inflationary pressures, echoing the CPI report released on Wednesday. Persistent inflation has reinforced expectations that the Fed will keep interest rates elevated for longer, a headwind for non-yielding gold. Other major central banks, including the ECB, the BoE and the BoJ, are also expected to tighten monetary policy, adding to pressure on bullion.

Gold Gains Nearly 1%

Futures tracking US equities remained mixed as pressure on AI infrastructure offset resilience in traditional economic sectors. The S&P 500 eased 0.4% and the Nasdaq 100 slumped almost 1.4%, its sixth decline in seven sessions. Chip producers and AI hyperscalers sank further after Anthropic disclosed third-quarter sales figures that slowed from the pace earlier this year and missed most estimates, reinforcing skepticism that soaring expenditure in the sector may not translate into returns. Micron, Intel, AMD, and Marvell dropped over 4% premarket, while Seagate and Western Digital tumbled 6%. On top of that, hot producer inflation consolidated bets of a Fed hike this year to add stress on datacenter operators that took record-levels of debt to finance buildouts. Still, the Dow  edged higher as a rally in Treasuries as markets pivoted from speculative assets into lower-risk alternatives. Walmart added 3% and Eli Lilly gained 2%.

Tech Shares Hold Plunge After PPI

The yield on the US 10-year Treasury note fell nearly 13 basis points to 5.05% on Thursday, amid a broad flight to safety as a global equity sell-off and tech rout fueled concerns over the sustainability of AI spending in a high-interest-rate environment. A much hotter-than-expected US PPI report did little to shift expectations that the Fed would keep borrowing costs elevated for longer. US producer prices surged 1.3% month-over-month in September, the largest increase since March 2022 and well above market forecasts of 0.5%. Meanwhile, retail sales rose 0.8%, significantly exceeding expectations of 0.3%.

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Silver Rises on Thursday

Gold Gains Nearly 1%

Tech Shares Hold Plunge After PPI

US 10-Year Treasury Yield Falls