Reasons for precious metal prices decline named

Global markets have experienced sharp moves this year, with gold surging then seeing its biggest decline in four decades.

Gold extended gains on Monday to trade just above the $5,000-per-ounce level as the dollar dipped, while investors awaited a ​key U.S. labour market report due later in the week to gauge the ‌interest rate trajectory.

Spot gold rose 1.3% to $5,026.04 per ounce by 0333 GMT after a 4% climb on ‌Friday. U.S. gold futures for April delivery gained 1.4% to $5,046.10 per ounce.

Spot silver climbed 4.3% to $81.11/ounce after a near ⁠10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

On February 5, gold and silver prices experienced a sharp decline amid a broad market selloff, driven by a surge in the U.S. dollar to its highest level in nearly two weeks and indications of easing trade tensions between the U.S. and China.

Spot gold dropped 2.5% to $4,838.81 per ounce as of 0535 GMT, retreating from a near one-week high reached earlier in the day. Meanwhile, U.S. gold futures for April delivery fell 1.9% to $4,855.60 per ounce.