Gold futures are still trading below $1,900 on Thursday, despite the sharp rebound in the broader financial markets. The yellow metal, which had tumbled by as much as 1.5% before paring most of those losses, was affected by a surging US dollar and the revival of the leading benchmark indexes.

December gold futures declined $9.60, or 0.51%, to $1,869.80 per ounce at 18:54 GMT on Thursday on the COMEX division of the New York Mercantile Exchange. Gold is on track for its third consecutive weekly loss and is poised for a monthly drop of more than 2%. Year-to-date, however, the precious metal is still up 23%.

Silver, the sister commodity to gold, erased its losses and is in the green toward the end of the trading week. November silver futures picked up $0.056, or 0.24%, to $23.415 an ounce. The white metal will suffer a weekly slump of nearly 6% and an October decline of 2.1%. So far this year, silver prices have advanced 31%.

On Thursday, the Bureau of Economic Analysis (BEA) reported that the United States economy expanded at a record pace of 33.1% in the third quarter, beating the median estimate of 31.4%. The spike in GDP was due to the increase in personal spending, fueled by the nine federal and state benefit programs to give Americans money.

Initial jobless claims also declined to a pandemic low of 751,000, coming in better than the market forecast of 775,000.

The greenback enjoyed an incredible rally that was driven by the selloff in intraday trading, as well as bullish macroeconomic data. The US Dollar Index, which gauges the greenback against a basket of currencies, advanced 0.58% to 93.95, from an opening of 93.46. The index is poised for a significant weekly surge of 1.1%, as well as a tepid monthly gain of 0.25%. YTD, the index is down 2.5%. A stronger buck is bad for commodities priced in dollars because it makes it more expensive for foreign investors to purchase.

Meanwhile, the European Central Bank (ECB) announced that it would leave interest rates unchanged, but it would “recalibrate” its monetary stimulus programs next month as the eurozone’s quantitative easing efforts do not appear to be achieving much of anything.

In other metal markets, December copper futures were flat at $3.066 per pound. December platinum futures slipped $22.00, or 2.51%, to $853.00 per ounce. December palladium futures slumped $47.60, or 2.11%, to $2,203.00 an ounce.