Gold prices sufferedstrong double-digit losses and hit a three-week low today,while the silver market was hammered to a three-month low. The precious metalsbulls are fading fast late this week amid a resurgent U.S. dollar index that ispushing toward its recent multi-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 $14.99an ounce.

Gold and silver bulls have company, as much of theraw commodity sector was punished today by the stronger greenback.

The U.S. economic data point of the day was thethird and final reading on fourth-quarter gross domestic product. GDP came inat up 2.2%, which was right in line with the consensus forecast and compares tothe last 4Q estimate of up 2.6%. At the same time the U.S. jobless claimsreport came in and showed a drop in the latest week. The U.S. dollar indexbegan its rally today right after those U.S. data releases.

Asian and European stock indexes were mostly firmerovernight. U.S. stock indexes are mixed at midday. A bit more risk appetite inthe marketplace today was also a negative for the safe-haven metals.

The U.S. and China are holding high-level tradetalks that are taking place in Beijing. The key figures were meeting for dinnerThursday evening. There is no clear consensus on the eventual outcome of theU.S.-China trade talks, which means the final result could cause volatility inmarkets.

Whileit might be difficult to find any good out of today’s severe decline in theprecious metals across the board, John Reade, the chief market strategist ofthe World Gold Council said, “Investors should look past gold’s short-termvolatility and focus on its long-term potential. He explained that a recentreport from the council shows that Fed’s abrupt shift in monetary policy shouldpush gold prices higher within the next 12 months.”