Gold prices dropped in their biggest decline since 2013, a day after notching new record highs. Silver futures, which ended Monday at the second-highest level on record, pulled back even more sharply, and platinum prices also sank.
The most-active gold futures contract traded 5.7% lower to $4,109.10 a troy ounce. The front-month contract also fell 5.7%, to $4,087.70.
The front-month contract for silver sank 7.2% to $47.45 a troy ounce. The most-active contract fell to $47.704. Most-active platinum lost 8%.
Gold hasn’t dropped more than 5% in a single session since June 2013, according to Dow Jones Market Data.
Mining stocks such as Newmont and Royal Gold also fell.
Some analysts tied the selloff in haven assets to optimism that the U.S. will reach a new trade deal with China, after the U.S. and Australia signed a rare-earths trade agreement on Monday. The drop followed a remarkable run of gains: Gold remains up 55% on the year and only fell to its lowest level since Oct. 10.
