Gold sank 2.01% to 4,174 and silver 2.46% to 63.71 on Tuesday, erasing the prior day's bounce as a firm dollar and high rates dragged both metals to fresh lows.

Gold fell to $4,331/oz and silver hit $67 as rate-hike bets, a strong dollar, and the Warsh Fed outweigh war and inflation.

Gold prices dropped below $4,340 per ounce, while silver shed nearly 2.5%, as strong US economic data and rising crude oil prices influenced investor sentiment.