$XAU and $XAG today market updates
U.S. gold futures for February delivery settled 0.3% lower at $5,318.40.
"We are seeing a dramatic sell-off after precious metals made new recent all-time highs," said David Meger, director of metals trading at High Ridge Futures.
However, spot gold prices are still up about 24% for the month and 7% so far this week.
UBS on Thursday raised its gold price forecast to $6,200 for the first three quarters of the year, while projecting it to decline to $5,900 by the end of 2026.
Spot silver lost 2.1% at $114.141 an ounce after reaching $121.64. It has surged more than 60% so far this month, fuelled by supply deficits and momentum buying.
The silver, platinum and palladium markets are small relative to gold or the S&P 500, making them vulnerable to speculative inflows that have left prices "totally detached from where physical demand is robust," said Guy Wolf, global head of market analytics at Marex.
Spot platinum fell 3.2% to $2,602.85 an ounce, having hit a record high of $2,918.80 on Monday, while palladium dropped 3.7% to $1,996.65.
#PreciousMetalsTurbulence #MarketCorrection #goldandsilverupdates