Gold dives 5% and silver crashes 7%, extending sell-off in precious metals after historic plunge

Gold and silver extended their selloff on Monday, building on the sharp losses from Friday’s session. Spot gold fell nearly 10% on Friday, while silver saw an even steeper drop of around 30%, marking one of its biggest short-term moves in years. The continued weakness suggests that last week’s rout wasn’t just a one-day event. Some of the pressure appears to be coming from profit-taking after a strong run earlier this year, along with shifting expectations around interest rates and the U.S. dollar. When yields move higher and the dollar strengthens, precious metals often struggle. Silver’s move stands out in particular, given its dual role as both a precious metal and an industrial input. That makes it more sensitive to changes in growth expectations and broader risk sentiment. For now, it looks like traders are reassessing positioning in metals after a crowded rally. Curious how others here are viewing this temporary shakeout, or something more structural? Source: https://www.cnbc.com/2026/02/02/gold-silver-sell-off-historic-plunge-.html?__source=androidappshare