New Delhi, Feb. 18 -- Gold and silver prices continued their downward momentum for the third straight session on Wednesday, February 18, as many Asian markets remained closed for the Lunar New Year holidays.

Spot gold prices were trading at $4,901 per ounce, while spot silver prices fell over 1% to $72.30 per ounce during Asian trading hours on Wednesday.

Gold prices are still 15% below their all-time high of $5,626.80 per ounce. On the other hand, silver prices are 67% below their record high of $121.78 per ounce.

Safe-haven assets faced significant selling pressure as a stronger US dollar made dollar-denominated commodities costlier for investors holding other currencies. The US dollar index climbed another 0.40% to 97.28, weighing o...