LONDON, Feb 05 (Reuters): Gold prices slid on Thursday and silver sank more than 11 per cent as speculators cashed in after a two-day rally, while a stronger dollar and easing geopolitical tensions added further pressure on safe-haven metals.
Spot gold declined 1.9 per cent to $4,869.85 per ounce, as of 1156 GMT, after sliding more than 3.0 per cent earlier in the session. US gold futures for April delivery dropped 1.2 per cent to $4,891.30 per ounce.
Spot silver was down 10.8 per cent at $78.50 an ounce after dropping almost 17 per cent earlier in the session.
"This is an after-effect of the volatility we've seen since last Friday. The market has not found an equilibrium yet, which is why we see another sell-off following the previous two days’ recovery," said Julius Baer analyst Carsten Menke. He added that volatility will persist in the short term.
Precious metals have seen wild swings over the last few sessions, with gold and silver posting their steepest losses in decades last Friday after hitting record highs earlier that week.
Gold extended losses to hit $4,403.24 on Monday, while silver slumped to $71.32, their lowest levels in a month after former Fed Governor Kevin Warsh's nomination to head the US central bank eased concerns about the potential for an overly dovish Fed and supported the dollar.
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