Silver and gold prices pulled back on Monday, December 29 after recent highs.
Silver which briefly touched a record high above $80 per ounce eased slightly while gold slipped from levels near historic peaks.
The decline came as investors sold part of their holdings to lock in profits and lower concerns about global risks reduced the demand for these metals as safe investments.
Spot silver shed 5.1% to $75.15 an ounce, retreating from a record high of $83.62 hit earlier in the session, reported Reuters.
Spot gold prices fell 1.7% to $4,455.35 per ounce by 13:21 GMT, after reaching record high of $4,549.71 on Friday, December 26.
Similarly, US gold futures for February delivery also dropped 1.7% settling at $4,474.80 per ounce.
"This morning’s (gold) price decline, which follows record highs, is attributable mainly to traders taking profits ahead of the year-end," said ActivTrades analyst Ricardo Evangelista.
He added, "Tentative optimism from the U.S. administration regarding progress in the Ukraine peace talks also represents a mild headwind."
Platinum prices, on the other hand fell 6.9% to $2,281.15 per ounce after previously reaching a record high of $2,478.50.
At the same time, palladium prices dropped sharply by 11.9% to $1,694.75 per ounce.
