Spot gold prices fell sharply, dropping below $4,030 per ounce, marking a decline of over 2% on the day. New York gold futures also decreased, reaching $4,050 per ounce, down 2.15%. Meanwhile, spot silver prices fell 1.8% to $47.66 per ounce, with New York silver futures declining over 2% to $47.61 per ounce.