Gold, silver, copper and bitcoin prices slid sharply on Friday, extending the pullback from recent record highs as traders locked in profits after an explosive rally across metals markets.
Gold fell 6.2% to $5,102.64 an ounce, retreating further after a sharp reversal the previous day. Despite the drop, bullion remains up around 18% over the past week and 82% year on year. Prices had surged as high as $5,600 earlier in the week, fuelled by geopolitical tensions, currency weakness and strong safe-haven demand.
Silver saw even steeper losses, tumbling nearly 10% to $104.47 an ounce after touching a peak of $120 on Thursday. Even after the correction, the metal is still up 46% on the week and an extraordinary 232% over the past year.
Copper also lost ground, sliding 3% to around $6 a pound after spiking to $6.57 earlier in the week. The red metal remains up 5.7% for the month and 41% year on year, highlighting the scale of the broader commodities rally despite the latest bout of profit-taking.
Bitcoin is heading for its worst monthly loss run since 2018, according to Bloomberg.
The world’s largest cryptocurrency has fallen around 6% so far in January, putting it on track for a fourth consecutive month of declines. Prices were down a further 2.2% on the day at $82,528, as a deepening risk-off mood swept through global markets and investors pulled back from higher-risk assets
