Gold suddenly loses its lustre after blasting to all-time high

A man holds one kilo bars of silver and gold at a refinery. Photo: Reuters

Gold and silver suffered their biggest slide in years yesterday, in a whipsawing reversal of a scorching rally that has lifted prices to all-time highs.

Gold dropped as much as 8pc to crash through $5,000 an ounce, while silver slumped below $100 as the sell-off swept through the broader metals markets. Copper dropped almost 4pc in London, after surging above $14,000 a tonne for the first time on Thursday, in its biggest intraday jump since 2008.

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