Spot silver plunged 6.00% intraday to $54.49/oz.

US initial jobless claims fell 6,000 to a seasonally adjusted 194,000 in the week ended Oct. 17, the US Labor Department said on Thursday, near the mid‑July 189,000 low — the weakest since 1969. Economists say strong domestic demand and rising corporate profits have limited layoffs. However, an escalation of hostilities between the US/Israel and Iran, tighter financial conditions and higher interest rates could weigh on the labor market next year.

Early Thursday, Gulf markets opened broadly lower after renewed Houthi attacks on Saudi Arabia and reports the IRGC navy struck four vessels in the northern Persian Gulf, raising regional risk. The US State Department ordered non-emergency US government employees and their families to depart Saudi Arabia. Saudi benchmark index fell 1.2% and is expected to post an eighth consecutive weekly decline; Saudi National Bank dropped 1.9% and ARAMCO fell 0.5%. Dubai index was down 0.8%; Emirates NBD -2.4% and Dubai Electricity and Water Authority -1.5%. Abu Dhabi slipped 0.5%. Qatar index fell 0.8%; Qatar National Bank down 1.1%.