Gold and silver fell on Monday as the reversal of a record-breaking rally in precious metals extended into a second week.
Gold, which on Friday suffered its biggest one-day drop in more than 40 years, fell as much as 9 per cent in early trading, before rebounding to leave it down 4.5 per cent on the day at $4,672. Silver, which also saw its largest drop since the early 1980s on Friday, tumbled as much as 15 per cent on Monday, before regaining some ground to $78.67, down 6.5 per cent on the day.
Both precious metals had stormed through milestones in recent weeks in a blistering rally, as geopolitical tensions and fears for the independence of the US Federal Reserve sent investors in search of haven assets.
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