On Thursday, gold and silver mining stocks declined across the board, with Silvercorp Metals Inc (ASX: SVM) falling nearly 8%, while Agnico Eagle Mines Ltd (ASX: AEM) and AngloGold Ashanti Ltd (ASX: AU) each dropped 6%, and First Majestic Silver Corp (ASX: AG) declined nearly 6%.

Pan American Silver Corp (ASX: PAAS) slipped more than 5%, Kinross Gold Corp (ASX: KGC) fell nearly 5%, Gold Fields Ltd (ASX: GFI) lost more than 4%, and Newmont Corp (ASX: NEM) dropped 4%.

On the news front, spot gold briefly fell below $4,050 per ounce during intraday trading, declining more than 2% on the day. Spot silver at one point dropped 5% intraday, approaching the key $55 per ounce threshold.