Gold and silver slide after record highs as profit-taking hits metals and markets

Gold and silver experienced a sharp pullback, reversing from record highs as investors took profits following an extraordinary rally. Gold fell nearly 5% to around $5,100 after hitting over $5,500, while silver dropped about 10% to near $107 from $120. This correction erased an estimated $2.7 trillion in gold value and $800 billion in silver value, though both metals remain significantly up over the past month. The decline occurred alongside a broader selloff in global markets, including the S&P 500, Nasdaq, and Bitcoin. Analysts suggested the rally had led to extreme positioning, making prices vulnerable to correction. Volatility was also fueled by geopolitical tensions involving the US and Iran, and uncertainty surrounding the Federal Reserve's monetary policy and the expected replacement for Fed Chair Jerome Powell. At the time of reporting, metals had slightly recovered, but profit-taking remained a risk.

(Source：Crypto Briefing)