Gold and Silver Dive Amid Rising Dollar and Market Volatility

Gold and silver prices declined sharply as speculators took profits from previous rallies amid a stronger dollar and easing geopolitical tensions. The precious metals market has been volatile, with significant price swings influenced by U.S.-Iran tensions and changes in Federal Reserve leadership, impacting global markets.

Gold prices fell on Thursday, with silver retreating over 11% as profit-taking occurred after a recent rally. The dip was exacerbated by a stronger dollar and easing geopolitical tensions putting additional pressure on safe-haven investments.

Spot gold decreased by 2% to $4,864.36 per ounce as of 0920 GMT after a previous slip of over 3%. Similarly, U.S. gold futures for April delivery fell by 1.3% to $4,855.80 per ounce. Spot silver experienced a significant drop of 11.3% to $78.13 an ounce.

Volatility in precious metals has been remarkable in recent sessions, following sharp losses last Friday. Prices had previously surged to record highs earlier in the week but have since been affected by U.S.-Iran tensions and Federal Reserve leadership changes, boosting the dollar and triggering sell-offs.

(With inputs from agencies.)