Muscat: Gold and silver prices fell sharply in a broader market sell-off on Thursday, as tensions added pressure on precious metals and the dollar advanced to a near two-week high. Spot gold was down 1.7% at $4,876.12 per ounce, retreating from a near one-week high hit earlier in the session. US gold futures for April delivery were down 1.1% at $4,896.30 per ounce.

According to Qatar News Agency, spot platinum slumped 7.7% to $2,056.64 per ounce after hitting an all-time high of $2,918.80 on Jan. 26, while palladium shed nearly 5% to $1,689.25. The decline in precious metal prices was influenced by the strengthening of the dollar, which tends to weigh on commodities priced in the currency. The movement in the dollar comes amid broader market tensions affecting various commodities.