Gold, silver extend rout after sell-offs as rally loses shine

Massive sell-offs come after signs showed rallies for both metals likely overstretched

- 

Gold and silver extended declines on Oct 22, following their steepest selloff in years the previous day, as investors locked in profits on concern the recent surges in precious metals had left them overvalued.

Spot gold fell as much as 3 per cent to trade near US$4,000 an ounce, before paring losses. That came after it tumbled as much as 6.3 per cent on Oct 21 in the biggest intraday decline in more than a dozen years.

Spot silver dropped again after posting an intraday loss of 8.7 per cent on Oct 21.

Shares of Singapore-listed CNMC Goldmine plunged on Oct 22, falling as much as 12.4 per cent to $1.06, before paring losses. The stock closed down 5 per cent at $1.15.

The company, which mainly mines and processes gold in Kelantan, Malaysia, saw its shares rally 394 per cent in 2025 up till Oct 21, from 24.5 cents at end 2024.

The gold and silver selloffs came after technical indicators showed scorching rallies for both precious metals were likely overstretched.

Spot gold was down 0.8 per cent to US$4,091.33 an ounce at 4.52pm in Singapore. Silver declined 0.4 per cent to US$48.48 an ounce.