Spot gold was down 0.4% at $4,512.74 per ounce, as of 0242, after hitting a record high of $4,549.71 on Friday.

US gold futures for February delivery lost 0.4% to $4,536.40 per ounce.

Spot silver lost 1.3% to $78.12 per ounce, after hitting an all-time high of $83.62 earlier in the session.

“A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot,” said KCM Trade Chief Market Analyst Tim Waterer.

US President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the war in Ukraine.

Silver has gained 181% year-to-date, outshining gold, propelled by its designation as a critical US mineral, supply constraints, and low inventories amid rising industrial and investment demand.

Bullion has also staged a stellar rally in 2025, climbing 72% so far and shattering multiple record highs.

Gold has been helped by a cocktail of factors, including bets of further US rate cuts, geopolitical tensions, robust demand from central banks as a move away from US securities and the dollar, and rising holdings in exchange-traded funds.

Waterer said $5,000 looked to be a viable target for gold next year, provided that the next Federal Reserve chairman added a more dovish lean to Fed policy.

“Rate cuts and a continuation of robust industrial appetite paired with supply shortages could have silver primed for a run towards $100 in 2026,” Waterer said.

Traders still expect two US interest rate cuts next year. Non-yielding assets tend to do well in a low-interest-rate environment.

Spot platinum fell 0.4% at $2,441.20 per ounce, after rising to an all-time high of $2,478.50 earlier in the day, while palladium lost 8% to $1,771.99 per ounce.