Gold and silver sell off as inflation fears grip global markets

Gold and silver joined a broad sell-off on Thursday, with the metals shedding 2% and 5.5% as fears about the Iran war and inflation gripped global markets.

At 4:56 a.m. ET, spot gold was down 2.3% at $4,707.20 an ounce. Front-month gold futures were down 4% at $4,702.40.

Spot silver was 5.4% lower at $71.2729 an ounce, while silver futures lost 8.7% to settle at $70.86.

This is a developing story. Check back for updates.