Gold falls 1%, silver plunges 9%

April gold futures fell 0.85% to $4,907.5 an ounce

Gold and silver futures declined on Thursday, pressured by a stronger dollar, continued selling in precious metals markets, and relatively calmer geopolitical tensions.

April gold futures fell 1.24%, or $61.30, to settle at $4,889.50 per ounce.

February silver futures dropped 9%, or $7.63, to $76.52 per ounce.

The decline came as the dollar rose to a two-week high and investors continued liquidating holdings in precious metals amid recent sharp market volatility.

On the geopolitical front, Russia and Ukraine agreed to a large-scale prisoner swap following US-mediated talks, while markets await the start of nuclear negotiations between Iran and the US on Friday.