Baghdad: Gold and silver prices posted sharp declines on Thursday, amid a broad-based sell-off in global markets, as pressure mounted on precious metals following the rise of the US dollar to its highest level in nearly two weeks, alongside signs of easing trade tensions between the United States and China.

According to National Iraqi News Agency, spot gold fell 2.5% to $4,838.81 per ounce by 05:35 GMT, retreating from a near one-week high reached earlier in the session.

US gold futures for April delivery also declined by 1.9% to $4,855.60 per ounce. Meanwhile, spot silver prices plunged 14.9% to $74.94 per ounce, after the metal hit a record high of $121.64 last week. Platinum slipped 8.7% to $2,033.35 per ounce, following an all-time high of $2,918.80 recorded on January 26. Palladium also fell by about 5.8% to $1,672 per ounce.