Gold and silver retreated today, March 24, pressured by a rebound in oil and a firmer dollar, as investors unwound safe-haven positions following tentative signs of easing geopolitical risk.

Futures for bullion slid in early trade, with COMEX gold for June dropping about 1% to an intraday low near $4,362 an ounce, while silver fell more than 2.5% to roughly $66.95. In India, prices tracked the global weakness, extending the previous session’s sharp volatility on the MCX.

The move coincided with a rebound in WTI crude oil, which jumped over 4% to around $91.67 a barrel, and a modest uptick in the US Dollar Index, hovering near the 99 mark. Higher oil prices tend to stoke inflation expectations, bolstering yields and the dollar—both headwinds for non-yielding assets like gold.

The pressure follows a whipsaw session when precious metals briefly rebounded after comments from Donald Trump signaled a pause in potential U.S. military action in the Middle East. That hint of de-escalation reduced immediate demand for haven assets.

Analysts say the recent selloff reflects a mix of macro forces: rising bond yields, dollar strength, and liquidity-driven unwinding after a crowded bullish trade. Domestic futures had plunged as much as 10% for gold and 12% for silver in the prior session before partially recovering.