Gold, silver prices take a dip after big gains—here's what's up
Gold and silver prices slipped this week as investors cashed in profits after a wild rally.
Gold dropped 0.7% to $4,466 per ounce from its late December record, and silver fell 1.2% to $80.34 after a massive 147% jump last year.
Why does it matter?
Even with this dip, both metals are still way above where they were last year—silver ended last year with annual gains of 147%, its best on record.
Big banks like JPMorgan think gold could hit $5,000 this year, and some speculate that silver might even top $100 if supply stays tight.
What's behind the drop?
The recent slide comes down to profit-taking after the surge, plus a stronger US dollar ahead of key jobs data.
There's also talk of aggressive interest rate cuts from the Federal Reserve coming up—and an oil deal between the US and Venezuela was announced.