Spot gold dipped to around $4,311 an ounce after a sharp drop on Monday, while silver slid toward $70. After an apparently unstoppable rise through 2025, the two metals have whipsawed in December, hitting successive records — gold has had its best year since 1979 — before erasing some of their gains as investors booked profits from an overheated rally.

Gold and silver stocks and ETFs dropped in premarket trading. Hecla Mining and Coeur Mining fell 3%; , Newmont fell 2%; Barrick Mining and Gold Fields fell 1%.

ProShares Ultra Silver fell 12%; iShares Silver Trust fell 5%; First Majestic Silver and Pan American Silver fell 3%.