NEW YORK - Gold and silver slumped as traders booked profit following a powerful year-end rally that sent both metals to record highs, with thin market liquidity exacerbating the price swings.

Spot gold fell as much as 5 per cent, marking the biggest intraday drop since Oct 21 and the second time in 2025 the precious metal plunged that much in one day. Silver plunged 11 per cent in its biggest intraday decline since September 2020. Both metals posted a sharp retreat from fresh all-time highs that triggered signals that their rallies had run too fast, too soon.