Gold falls to $4,369, silver slides past $71

Gold and silver prices fell sharply in global markets on Thursday, driven by a stronger U.S. dollar and renewed geopolitical tensions following U.S. military action against Iran. The declines extended a recent downward trend for precious metals, which have been pressured by concerns over persistent inflation and delayed interest rate cuts.

Spot gold slipped nearly 2 percent to $4,368.99 per ounce, while COMEX gold futures were down 1.80 percent at $4,367.90 per ounce. Silver saw steeper losses, with spot prices falling more than 3 percent to $71.94 per ounce. In India, trading on the Multi Commodity Exchange was closed for the Eid al-Adha holiday.

Market analysts said the price drop occurred despite ongoing geopolitical risks, as uncertainty surrounding U.S.-Iran negotiations dominated investor sentiment. Tensions escalated after reports indicated Iran's Revolutionary Guards targeted a U.S. airbase in response to recent U.S. military strikes, which had targeted missile launch sites and vessels in southern Iran. This development pushed crude oil prices more than 3 percent higher, raising fears of supply disruptions and adding to global inflation concerns.