Gold and Silver prices crashed on Thursday in all trading markets around the world. Investors and traders reacted to these precious metals oversold on thursday as geopolitical tensions cooled down while dollar strengthened pushing these safe haven assets lower after multiple record closing touches.

Silver futures for delivery in March crashed down by nearly ₹25000 per kg or 9.8% to ₹228812 on the Multi Commodity Exchange India Limited (MCX) amid intense selling pressure. Similarly gold futures traded over ₹2300 lower on MCX on Thursday.
COMEX Gold Prices crashed below critical support level
In global markets COMEX gold traded below $4800 an ounce while silver prices dropped over 2% from previous highs.

Experts are reporting that the dollar index rallying higher against a basket of currencies has added fuel to the precious metals sell-off fire. In other news both US and Iran officials announced that they will resume diplomatic talks to discuss their differences adding to softness in safe haven assets gold and silver.

Multiple experts are commenting that the sharp sell-off in precious metals is due to investors reallocating funds to riskier assets on strong closing touches by global equity markets this week. Gold and silver prices plummeted as risk-on sentiment took over the markets while the dollar rallied on receding fears over geopolitical tensions.

Recent hike in gold and silver prices come after the metal rallied to record highs last month with gold prices hitting highs above $5000 an ounce while silver surged to 30-year highs.
Gold and Silver Recovered Some Losses
Silver and Gold prices pared some losses intraday on Thursday as bargain hunters jumped in to buy the dips while global cues remained positive.

Analysts said that it’s rare to see gold and silver post record highs and then see sharp sell-off but investors are now realising that geopolitical risks are no longer at forefront making a strong case for risk-on sentiment at least in the near term.
Will Rising US Dollar Index Make Precious Metals Plunge?
Recent escalation in geopolitical tensions has caused investors to park their funds in safe-haven assets like gold and silver taking prices to record highs but after both the United States and Iran came forward with positive comments over their willingness to discuss terms officially both parties will resume nuclear talks investors are less worried about short term downside risks.

Gold futures for delivery in April traded at ₹48173 per 10 gram while MCX Silver futures contract for delivery in March ended at ₹228812 per kg.