Gold falls over 2.5% as silver extends losses

April gold futures dropped 2.78% to settle at $4,905.90 an ounce

Gold and silver prices fell at Tuesday’s close, pressured by a stronger dollar, signs of progress in US-Iran nuclear talks, and the start of a new round of negotiations between Russia and Ukraine.

April gold futures dropped 2.78%, or $140.4, to settle at $4,905.9 an ounce.

February silver futures fell 5.66% to $73.447 an ounce, marking their second-lowest level of the year.

Iranian Foreign Minister Abbas Araghchi said an understanding had been reached on “guiding principles” in nuclear talks with the United States, but stressed that it did not signal an imminent final agreement.

Meanwhile, Russia and Ukraine began a two-day round of talks in Geneva on disputed territories, with US mediation continuing to seek an end to the conflict.

Investors also await a batch of US economic data this week, including GDP figures and the core personal consumption expenditures (PCE) index, the Fed’s preferred inflation gauge.