European Heatwave, Drought Hammer Gold Prices

Gold and silver futures fell on Thursday, with gold dropping 0.13% to settle at $4,299.60 per ounce and silver slipping 1.09% to close at $61.606 per ounce.

The decline in precious metals prices came as Europe faced a severe heatwave, drought, and raging wildfires that are straining the region's freight transport, energy systems, and agriculture.

Economists forecast that low water levels could inflict between one billion and two billion euros in economic losses on Germany in the third quarter alone.