Gold futures on the New York Mercantile Exchange rose on the 8th, with the most actively traded December 2026 contract gaining $17.6 to settle at $4,158.3 per ounce, a rise of 0.43%.

Gold prices rebounded from lows to post a modest gain that day, yet escalating conflict in the Middle East pushed oil prices higher, and long-term U.S. Treasury yields once again approached recent highs, keeping a lid on gold's upside potential.

Stimulated by geopolitical tensions in the Middle East and other factors, international crude oil futures rose significantly on the 8th. Light sweet crude for November delivery on the New York Mercantile Exchange climbed as high as $92.84 per barrel, up $4.56, or 5.17%, from the previous day's close. London Brent crude for December delivery rose as high as $105.48 per barrel, an increase of 5.27%.

At the same time, rising energy prices continued to push U.S. Treasury yields higher, with the market expecting the Federal Reserve to need to raise borrowing costs further to curb inflation. This supported speculative demand for the dollar and weighed on precious metals prices.

Data released by the U.S. Labor Department on the 8th showed that initial jobless claims fell to 197,000 in the week ended October 3, down 2,000 from the previous week's revised figure, while continuing claims rose to 1.716 million in the week ended September 26.

Minutes from the Fed's meeting released on the 7th showed that most policymakers still expect another rate hike before the end of the year. The market remains caught between weak nonfarm payroll data and a hawkish inflation environment.

Analysts believe that despite surging bond yields, gold has managed to hold its trading range and attract fresh ETF inflows, suggesting its next move could be upward, while central banks reducing their holdings of dollar-denominated assets also continues to strengthen the long-term bullish outlook for gold.

Silver futures for December delivery fell 86.4 cents to settle at $59.430 per ounce, a decline of 1.43% that day.