LONDON: Gold and silver prices fell sharply in a broader market selloff on Thursday, as an advance in the dollar to a near two-week high and signs of easing US-China trade tensions added further pressure on the precious metals. Spot gold declined 2.5 per cent to $4,838.81 per ounce, as of 05:35am GMT (10:35am PST), retreating from a near one-week high hit earlier in the session. US gold futures for April delivery dropped 1.9pc to$4,855.60 per ounce. “The dollar received a new lease of life with the (Kevin) Warsh nomination (as Federal Reserve chief), and the currency has been able to keep making forward progress … traders are more circumspect now on gold in light of recent extreme volatility,” Tim Waterer, KCM chief trade analyst, said. The dollar rose to a near two-week high on Thursday, making greenback-priced gold more expensive for other currency holders. Asia stocks faltered, tracking their US peers as concerns about the exploding costs of AI investment hounded the tech sector. Spot silver plummeted another 14.9pc to $74.94 an ounce. DNA
Last week, the precious metal touched a record high of $121.64.
