(Updates prices, adds graphic for Asia mid-session trade)
All precious metals fall sharply
Spot silver slumps nearly 15%, gold drops over 2%
Spot platinum slides over 8%, palladium down over 5%
Asia shares slump as global tech selloff spooks investors
By Ishaan Arora
Feb 5 (Reuters) - 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 U.S.-China trade tensions added further pressure on the precious metals. Spot gold (XAU=) declined 2.5% at $4,838.81 per ounce, as of 0535 GMT, retreating from a near one-week high hit earlier in the session. U.S. gold futures (GCcv1) for April delivery dropped 1.9% 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 (.DXY) rose to a near two-week high on Thursday, making greenback-priced gold more expensive for other currency holders. (USD/)
“Sentiment (has) turned soggy across most asset classes, including precious metals, cryptocurrencies and regional equities, with losses feeding into one another and creating a self-reinforcing feedback loop amid thin market liquidity,” said Christopher Wong, a strategist at OCBC.
Asia stocks faltered, tracking their U.S. peers as concerns about the exploding costs of AI investment hounded the tech sector. (MKTS/GLOB) Spot silver (XAG=) plummeted 14.9% to $74.94 an ounce. Last week, the precious metal touched a record high of $121.64.
“The industrial demand has vanished at the higher levels. Most of the industrial buyers have stopped buying silver, and even solar panel producers in China are looking for alternatives,” Shah added. On the geopolitical front, Iran and the U.S. have agreed to hold talks in Oman on Friday, officials on both sides said. China is considering buying more U.S.-farmed soybeans, U.S. President Donald Trump said after what he called “very positive” talks with his Chinese counterpart Xi Jinping on Wednesday.
“If you remove geopolitical tensions and the de-dollarisation trend for the time being … the metals have little room to run,” said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai. Spot platinum (XPT=) slumped 8.7% to $2,033.35 per ounce after hitting an all-time high of $2,918.80 on January 26, while palladium (XPD=) shed 5.8% to $1,672.00.
Gold, silver fall as US dollar climbs to near two-week high
<img src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/4tjR0aG?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="800" height="348" original-src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/4tjR0aG"/>

Gold and silver prices fell sharply amid a broader market selloff, with spot silver plunging nearly 15% and gold dropping over 2%. The dollar rose to a near two-week high, making gold more expensive for other currency holders. Concerns over AI investment costs affected the tech sector, leading to a decline in Asia stocks. Spot platinum and palladium also saw significant drops. Analysts suggest that easing geopolitical tensions and a lack of industrial demand for silver are contributing to the decline in precious metals prices.

Reuters

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