Gold and silver prices lost ground on Wednesday as investors booked profits after a historic annual rally and exchange operator CME Group hiked the margins on precious metal futures for the second time in the space of a week.
Spot gold prices dipped 0.1% to $4,339.89 per ounce at 8:50 a.m. ET, extending losses in the run-up to the new year. The yellow metal notched a one-week low in the previous session.
Spot silver prices, meanwhile, tumbled 5.6% to $72.15 per ounce, paring gains after climbing above $80 for the first time at the start of the week.
The moves come at the end of a blockbuster year for the precious metals.
Gold is up more than 64% year-to-date, on track for its best annual performance since 1979 and third straight positive year. The rally has been supported by a multitude of factors, including the impact of U.S. interest rate cuts, tariff tensions, and robust demand from exchange traded funds (ETFs) and central banks.
