Gold, Silver Prices Fall as Investors Take Profits Amid Stronger Dollar

Gold and silver prices retreated on August 6 as investors took profits following recent gains. Gold futures dropped to $4,290 per ounce, while silver slipped to $61.12 per troy ounce.

The decline in precious metals came as the US dollar index rebounded to 99.8, adding pressure on dollar-denominated assets. The stronger dollar made gold and silver more expensive for holders of other currencies.

The precious metals had rallied over the past few sessions due to easing tensions in the Middle East and concerns over global crude oil supplies. However, with hostilities between the US and Iran appearing to de-escalate, investors booked profits, causing prices to drop.