After months of record highs fuelled by market volatility, gold and silver prices have fallen sharply over the weekend as oil also slumped.
Precious metals have been seen as a "safe haven" for investors while other markets have been turbulent amid geopolitical tensions and concerns over the independence of the US Federal Reserve.
Oil prices also dropped as Donald Trump said he was hopeful of reaching a deal that would not involve launching an attack on Iran.
Brent crude, the international benchmark, was down around 5% below $65.95 a barrel, having edged over $70 last week.
Meanwhile analysts have warned gold is "not in a bubble" as it dropped more than 20% from the record high of last week.
Having almost reached $5,600 on Thursday, it ha fallen sharply, touching $4,400 at one point.
Silver also fell 12% to under $75.
The Telegraph reports Tim Waterer, chief market analyst at KCM Trade, said: “Traders are unnerved by the market tumult witnessed on Friday in precious metals.”
Emmanuel Cau at Barclays said: “Whilst gold’s allure still glitters as a hedge to left-tail risks, in the short term, a pull back and positioning reset after its sharp ascent look warranted.
“Despite screens flashing ‘overvalued,’ a certain amount of premium to gold’s fair value (c. $4000 on our model) looks durable, suggesting gold is not a bubble.”
FTSE100
The UK's flagship share index, the FTSE 100, was up 5 points at 10,182 shortly after opening this morning.
Brent crude oil futures were down 2.01% at $65.95 a barrel.
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