Gold prices slide as U.S. dollar soars

Gold prices slumped on Thursday, reversing a gain from the prior session, as the shiny metal headed toward fresh nine-month lows. Silver and platinum hit fresh 2-year lows as strong U.S. dollar weighed on metals prices.

Price action

• Gold futures
  GC00

  GCQ22
  for August delivery fell $23, or 1.4%, to $1,711 per ounce.

• Silver futures
  SIU22
  for September delivery fell 49 cents, or 2.6%, to $18.70 per ounce, hitting a new two-year low.

• Platinum futures
  PLV22
  for October delivery were off $26, or 3.1%, to $811 per ounce, its lowest level in more than 2 years.

• Palladium futures
  PAU22
  for September delivery were down $46, or 2.4%, to $1,924 per ounce.

• Copper futures
  HG00
  for September delivery were off 6 cents, or 1.8%, to $3.264 per pound, having touched its lowest level since the fourth quarter of 2020.

What analysts are saying

Analysts largely blamed the strong U.S. dollar, which has weighed on precious metals prices since gold peaked above $2,000 per ounce earlier this year.