Dollar Rebound Dents Gold and Silver Prices

Gold and silver prices took a hit on Thursday, August 6, as investors booked profits after a recent rally. The Comex gold futures contract slipped back to around $4,290 per troy ounce from its six-week high of $4,363.

Silver futures also retreated, falling to $61.12 per troy ounce after touching the $63 mark earlier in the session, their highest level in over a month.

The US dollar index rebounded, adding pressure on precious metals by making dollar-denominated assets more expensive for holders of other currencies.