Comex gold futures slipped below the $4,000 mark on Wednesday, testing $3,980, while silver dropped under $60 to trade near $58.
The decline marks a continuation of selling pressure that has pushed both metals to multi-month lows, driven by a strengthening US dollar and shifting expectations regarding Federal Reserve policy.
The sell-off intensified as markets repriced the probability of a US interest rate hike this year.
A firmer dollar, supported by the hawkish outlook, increased the opportunity cost of holding non-yielding assets like gold and silver.
This dynamic has been a primary driver of the recent weakness in precious metals, with investors rotating out of safe-haven stores of value in favor of yield-bearing instruments.
This development follows two consecutive sessions of losses for gold and silver, which were similarly pressured by dollar strength and rising rate expectations.