Gold and silver prices experienced a significant drop during Thursday's Asian trading session as tensions in the Middle East and between the U.S. and China eased. According to Jin10, the decrease in geopolitical risks, coupled with resilient U.S. economic data, reduced the demand for safe-haven assets. As of the latest report, spot silver's daily decline expanded to 15%, while spot gold fell below $4,810 per ounce.
Later this week, key U.S. economic data will be in focus, including the JOLTS job openings report and initial jobless claims for the week ending January 31. The strengthening of the U.S. dollar and stable U.S. Treasury yields have also contributed to the pressure on gold prices.