Gold, silver prices tumble as investors book profits

Precious metals retreated sharply on Monday, with silver and platinum falling from record highs hit earlier in the session, as investors booked profits after recent rallies, reports Reuters.

Spot gold fell 3.6% to $4,367.97 an ounce by 9:57 a.m. ET (1457 GMT) after hitting a record $4,549.71 on Friday. US gold futures for February delivery also lost 3.6% to $4,387.40.

Silver dropped 7.9% to $72.87 an ounce after touching a record peak of $83.62 hit earlier in the session while platinum shed 12% to $2,157.09/oz, also retreating from a record high of $2,478.50 earlier in the session.

Spot palladium plunged 15% to $1,634.04/oz.

"All the metals moved up to recent and all-time highs. We are seeing profit-taking pullbacks off of those spectacularly high levels," said David Meger, director of metals trading at High Ridge Futures.

Gold has surged about 65% this year. Platinum and palladium are also on track for annual gains. Silver has outperformed all with a 150% gain so far, driven by its critical mineral status, supply shortages and rising industrial and investor demand.

"I believe that the underlying fundamentals of (silver) supply constraints remain factors in the market and we still have positive prospects going into 2026," Meger added.

Gold is a traditional safe-haven asset that performs well during periods of economic uncertainty. It also thrives in a low-interest-rate environment as a non-yielding asset.