Gold and silver prices fell sharply in a broader market sell-off on Thursday, as an advance in the dollar to a near two-week high.

Spot gold was down 1.7 percent at $4,876.12 per ounce, as of 0402 GMT, retreating from a near one-week high hit earlier in the session.

US gold futures for April delivery were down 1.1 percent at $4,896.30 per ounce.

The dollar rose to a near ​two-week high on Thursday, making greenback-priced gold more expensive for other currency holders.

Spot silver plummeted 12.4 percent to $77.09 an ounce. ‌Last week, the precious metal touched a record high of $121.64.

Spot platinum slumped 7.7 percent to $2,056.64 per ounce after hitting an all-time high of $2,918.80 on 26th January, while palladium shed nearly 5 percent to $1,689.25.