Gold and silver slide as Hormuz standoff lifts oil, yields

Spot gold and silver prices fell sharply Monday, with gold down 2.78% to near $4,165 an ounce and silver down 4.49% to near $61.29, as rising oil prices reinforced inflation concerns and boosted expectations for another Federal Reserve rate hike. Traders now see a 68-70% chance of a Fed increase in October, with the dollar index near 101 and the 10-year Treasury yield around 5.2%. A dense data calendar this week, including jobs reports and inflation figures, could further pressure metals if prints come in strong. The Strait of Hormuz stalemate, after President Trump rejected Iran's proposal, pushed Brent crude above $108 a barrel and WTI near $95.93, lifting yields and the dollar while weakening global risk appetite, with S&P 500 futures down 0.5%.