Gold and Silver Post Steepest Drops in Years as Rally Cools

Gold and silver saw their steepest selloff in years as investors locked in profits on concern that the recent historic rally in the precious metals left them overvalued.

Spot gold prices slumped as much as 6.3%, the biggest decline in more than a dozen years, while spot silver dropped as much as 8.7% after technical indicators showed earlier gains may have been overdone.