Gold and silver futures surrendered their intraday gains on Thursday, August 6, as investors booked profits following a recent rally.
Comex gold futures dropped to $4,290 per ounce, while silver retreated to $61.12 per ounce.
The pullback was driven by a combination of profit-taking and a strengthening US dollar, which added headwinds for precious metals.
The pullback was driven by a combination of profit-taking and a strengthening US dollar, which added headwinds for precious metals.
The selling pressure marks a continuation of the recent volatility in the precious metals complex.
After posting their worst quarterly performance in years, gold and silver had seen a brief reprieve in Wednesday's session, driven by shifting market sentiment regarding inflation and US interest rates.
However, that momentum failed to hold as traders locked in gains.