Gold suffered its third consecutive session of losses on Thursday, dropping $47 per ounce in a sell-off that extended the metal's retreat from its all-time highs and pushed prices deeper into correction territory.

Gold extended its losing streak on Wednesday, with the precious metal sliding to around $4,680 per ounce as a pair of hotter-than-expected U.S. inflation reports extinguished what little hope remained for Federal Reserve rate cuts this year.

The Bureau of Labor Statistics delivered an unwelcome surprise Tuesday morning when its April Consumer Price Index report showed headline inflation climbing 0.6% on the month, nudging the annual rate to 3.8% — one tenth of a percentage point above the 3.7% consensus forecast.

Gold futures extended their recent winning streak Monday, posting a fourth higher close in five sessions. The contract settled at $4,745 per ounce, up $21.90, or 0.48%, on the day, a solid if measured advance that nonetheless understated the session’s drama.

Gold traded higher on Friday amidst a weaker US dollar and despite a strong labor market in the US. Today, gold futures traded higher by $19.80 or 0.42% today closing at $4,730.70. Silver futures climbed back above $80 after today’s gain of $0.68 or 0.85% taking silver futures to $80.86.

Gold futures settled modestly lower on Thursday, with the front-month COMEX contract shedding roughly $6 to close near $4,685 per troy ounce — a decline of just 0.13% on the day.

Gold staged one of its most dramatic single-session rallies in recent memory on Tuesday, adding $135 per troy ounce to close at a fresh multi-week high, as news of renewed diplomatic engagement between Iran and Western powers sent shockwaves across global commodity markets.

Gold futures settled higher on Tuesday, gaining $35.00 per troy ounce in a session that offered some relief to bulls after a period of choppy price action. Silver futures managed a modest advance of $0.10 per troy ounce, technically finishing in positive territory but doing little to inspire confidence.

Gold futures suffered their steepest single-session loss in recent weeks on Monday, shedding $93.00 per troy ounce as a confluence of macro forces pulled capital away from safe-haven assets. Silver futures fell in tandem, dropping $2.68 per troy ounce and underscoring the broad retreat across the precious metals complex.

Precious metals closed Friday's session in opposite directions, with silver posting a solid $1.59 gain while gold slipped a modest $9, giving back a fraction of Thursday's powerful $78 advance. The split outcome painted a nuanced picture of a market navigating competing forces: a weaker U.S.