Gold Prices Return to Fall Sharply as USD Rises

Gold prices plunged on Thursday, on the back of the U.S. Dollar (USD) gaining momentum and rising across the board after data showed a decline in jobless claims in the United States, indicating an improvement in economic recovery from the Coronavirus pandemic.

In addition, the rising U.S. Treasury yields pressured the prices of the yellow metal today.

Gold futures for April delivery fell by $43.90, or 2.4%, and closed at the level of $1,791.20 per ounce.

This the lowest closing level for the yellow metal most active contracts since last November.

Meanwhile, silver futures for March delivery declined by 65 cents, or 2.4%, to settle at $26.234 per ounce.