Gold prices slid on Thursday and silver retreated ​more than 11% as speculators cashed in after a two-day rally, while a stronger dollar and easing ⁠geopolitical tensions added further pressure on safe-haven metals.

Spot gold declined 2% to $4,864.36 per ounce, as of 0920 GMT, ⁠after sliding ‌more than 3% earlier in the session. U.S. gold futures for April delivery dropped 1.3% to $4,855.80 per ounce.

Spot silver slumped 11.3% to $78.13 an ounce after dropping almost ⁠17% earlier in the session.

"This is an after-effect of the volatility we've seen since last Friday. The market has not found an equilibrium yet, which is why we see another sell-off following the previous two days’ recovery," said Julius Baer analyst Carsten Menke. He ⁠added that volatility will persist in the ​short term.

Precious metals have seen wild swings over the last few sessions, with gold and silver posting their steepest ‍losses in decades last Friday after hitting record highs earlier that week.

Gold extended losses to hit $4,403.24 on Monday, while silver slumped ​to $71.32, their lowest levels in a month after former Fed Governor Kevin Warsh's nomination to head the U.S. central bank eased concerns about the potential for an overly dovish Fed and supported the dollar.

However, worries over fresh U.S.-Iran tensions on Tuesday sparked a move to safe havens, pushing the metals higher in the last two sessions.

"Heavy selling emerged in the Chinese futures market and on the CME after failing to break resistance at $90.50 (for silver)," said Ole Hansen, head of commodity strategy at Saxo Bank.

Hansen added that weaker Chinese demand ahead of Lunar New Year, combined with reports of a ⁠large short position by a Chinese investor, further soured sentiment.

The ‌dollar climbed to a two-week high on Thursday, adding to a broader sell-off in markets, where global equities slumped and commodities, from crude oil to copper, dipped as global tensions eased.

Meanwhile, spot ‌platinum fell 6.5% ⁠to $2,082.76 per ounce, after hitting an all-time high of $2,918.80 on January 26. Palladium shed 3.5% to $1,711.69.