Khaberni - Precious metal prices fell on Monday, as silver declined after surpassing $80 per ounce earlier in the day Monday, and gold witnessed a drop from previously record high levels, with investors taking profits and a decline in demand for safe havens due to easing geopolitical tensions.
Gold in spot transactions fell 0.4% to $4,512.74 per ounce by 02:42 GMT, after hitting a record high of $4,549.71 on Friday.
The U.S. futures for gold delivery in February retreated 0.4% to $4,536.40 per ounce.
The price of silver in spot transactions dropped 1.3% to $78.12 per ounce, after reaching an all-time high of $83.62 earlier in the session.
Tim Worror, chief market analyst at K.C.M Trade, said "A combination of profit-taking and seemingly productive talks between Trump and Zelensky about a potential peace agreement led to the retreat in gold and silver prices."
American President Donald Trump announced on Sunday that he and Ukrainian President Volodymyr Zelensky "are getting very close, and may be very near" to reaching an agreement to end the war in Ukraine.
Silver has gained 181% since the start of the year, outperforming gold, driven by its classification among the U.S. critical minerals and limited supply and low stocks amid rising industrial and investment demand.
Gold also saw a significant rise in 2025, climbing 72% to date, achieving many record levels.
A combination of factors contributed to the rise in gold, including expectations of U.S. interest rate cuts, geopolitical tensions, strong demand from central banks as investors moved away from U.S. securities and the dollar, and increased holdings in exchange-traded funds.
For other precious metals, platinum in spot transactions fell 0.4% to $2,441.20 after reaching an all-time high of $2,478.50 earlier in the session, and palladium retreated 0.8% to $1,771.99 per ounce.
