Business
Gold, silver prices drop on firmer dollar
Spot gold fell 0.2% to $4,807.91 per ounce by 02:17 GMT
The precious metals market faced broader pressure as investors weighed the impact of a firmer dollar, which makes commodities priced in the currency more expensive for holders of other currencies.
New York: Gold and silver prices retreated on Tuesday as a rallying US dollar dampened demand for bullion, with gold continuing its descent from a multi-day low hit in the previous session. Spot gold fell 0.2% to $4,807.91 per ounce by 02:17 GMT, extending a downward trend after touching its lowest level since 13 April on Monday. Meanwhile, US gold futures for June delivery remained steady at $4,827.30.
The precious metals market faced broader pressure as investors weighed the impact of a firmer dollar, which makes commodities priced in the currency more expensive for holders of other currencies.
Silver dropped 0.6% to $79.40 per ounce, while platinum shed 0.7% to stand at $2,074. Palladium bucked the trend slightly, rising 0.3% to $1,556.16 per ounce.