Precious metals retreat, silver holds near $80/ounce

Precious metals pulled back on Monday, with silver trading near the $80 per ounce mark after hitting a record high earlier in the day and gold easing from near record highs, on profit-booking and geopolitical tailwinds cooling safe-haven demand. Spot gold was down 0.4% at $4,512.30 per ounce, as of 0426 GMT, after hitting a record high of $4,549.71 on Friday. US gold futures for February delivery lost 0.4% to $4,535.10 per ounce. Spot silver was up 0.7% at $79.68 per ounce, after retreating from an all-time high of $83.62 hit earlier in the session. “A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot,” said KCM Trade Chief Market Analyst Tim Waterer.