Gold, Silver Prices Drop as Stronger Dollar Weighs on Precious Metals

Gold and silver prices dropped on Friday as the US dollar rebounded and Federal Reserve officials expressed hawkish views. The Comex gold futures contract fell $84 per troy ounce to an intraday low of $4,076.

The decline came after both precious metals posted strong gains in the previous session due to a weaker dollar. However, despite the drop, gold remained 1.5% higher for July and was on track to register its first monthly gain since February.

Silver also gave back part of its recent gains, falling $1.80 per troy ounce to $57.22. The white metal remains under pressure for the month and is expected to end July down about 4%, marking its second consecutive monthly decline.