Goldprices suffered strong double-digit losses and hit a three-week low today, while the silver market was hammeredto a three-month low. The precious metals bulls are fading fast late this weekamid a resurgent U.S. dollar index that is pushing toward its recentmulti-month high. April gold futures were last down $19.20 an ounce at$1,291.20. May Comex silver was last down $0.308 at $14.99 an ounce.

Goldand silver bulls have company, as much of the raw commodity sector was punishedtoday by the stronger greenback.

TheU.S. economic data point of the day was the third and final reading onfourth-quarter gross domestic product. GDP came in at up 2.2%, which was rightin line with the consensus forecast and compares to the last 4Q estimate of up2.6%. At the same time the U.S. jobless claims report came in and showed a dropin the latest week. The U.S. dollar index began its rally today right afterthose U.S. data releases.

Asianand European stock indexes were mostly firmer overnight. U.S. stock indexes aremixed at midday. A bit more risk appetite in the marketplace today was also anegative for the safe-haven metals.

TheU.S. and China are holding high-level trade talks that are taking place inBeijing. The key figures were meeting for dinner Thursday evening. There is noclear consensus on the eventual outcome of the U.S.-China trade talks, whichmeans the final result could cause volatility in markets.

While it might be difficultto find any good out of today’s severe decline in the precious metals acrossthe board, John Reade, the chief market strategist of the World Gold Councilsaid, “Investors should look past gold’s short-term volatility and focus on itslong-term potential. He explained that a recent report from the council showsthat Fed’s abrupt shift in monetary policy should push gold prices higherwithin the next 12 months.”