Gold and silver prices ease back from record highs

(Sharecast News) - Gold, silver and copper prices all fell back from record highs on Thursday afternoon. At 1600 GMT, gold was down 2% at $5,195.80 an ounce, while silver was 2.6% lower at $110.54. Earlier in the day, gold was within touching distance of $5,600 an ounce, while silver hit $121.

Neil Wilson, UK investor strategist at Saxo Markets, said: "In the last few minutes gold and silver prices cratered seemingly under the weight of their own excess after ballooning to record highs. Copper too took a nosedive.

"We are seeing extreme volatility in metals and FX markets which is leading to serious dislocations and may well gnaw away at equity market sentiment. SPX trades below 6,900 at last look with Microsoft's 11% decline causing huge damage, while Meta steadied things a bit at +8% post earnings."

Wilson added: "Things are looking pretty messy out there regards metals markets."

The reversal in metals prices took the shine off precious metals miners, with Fresnillo down 6%, Endeavour 1.5% lower and Hochschild Mining off 3.1%.

Gold and silver prices have been on a tear recently, as a weaker US dollar and geopolitical tensions boosted demand for safe-haven assets.