COMEX gold and silver moved higher on Thursday as the US dollar pulled back sharply, while easing geopolitical concerns weighed on oil prices and reduced demand for the greenback as a safe-haven asset.

President Donald Trump said the latest attacks on Iran would be short-lived, helping ease concerns over a prolonged conflict and its potential impact on inflation. Lower geopolitical risks also contributed to the recent pullback in oil prices.

Meanwhile, New York Fed President John Williams reportedly said there are signs that inflation is continuing to ease as the impact of tariffs fades. He also noted that higher energy prices have so far not resulted in significant spillover into other services.

US data showed that private employment growth slowed in August, adding to expectations that the labour market may be losing some momentum. Investors are now awaiting Friday’s US Nonfarm Payrolls (NFP) report for further clues on the Federal Reserve’s future interest-rate policy.

Against this backdrop, COMEX gold was last quoted at $4,475 per ounce, up 1.29% on the day, while silver futures stood at $66.63 an ounce, gaining 1.62%.