Gold and silver prices plunged on Friday, sparking a global selloff of stocks and funds linked to the metals.
By 5:04 a.m. ET, spot silver was down 15% to settle at around $98.66 U.S. per ounce — taking it back below the $100 milestone.
Prices of the precious metals also faltered on futures exchanges, with front-month gold contracts losing 5.5% in New York, while silver futures for February delivery were down by 11%.
The selloff gripped the wider precious metals market, with spot platinum down more than 14%, while palladium fell close to 12%.
On stock exchanges across the globe, the impact was also visible. In Europe, the regional Stoxx 600 Basic Resources index — which includes the continent’s most valuable mining companies — was 3.2% lower in morning deals.
London-listed Fresnillo the world’s biggest silver producer, was last seen 7% lower.
In pre-market trade on Wall Street, silver miner Endeavour Silver was down 14.7%, while First Majestic Silver lost 14.4%. Silver ETFs were dragged into the action, with the ProShares Ultra Silver fund last seen 25% lower ahead of the opening bell. The iShares Silver Trust ETF lost 12.7%.
Precious metals have been on a stellar rally over the past 12 months, amid broader market volatility, the decline of the U.S. dollar, bubbling geopolitical tensions and concerns about the independence of the Federal Reserve.
Gold and silver both enjoyed record-smashing rallies in 2025, surging 65% and 150%, respectively, over the course of the year. Those gains have largely continued into 2026, with silver adding 37% while gold is up 15.4% year-to-date.
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