Silver fell after touching an all-time high above $53 an ounce, as a historic short squeeze in London added to momentum fueled by surging demand for safe-haven assets.
Spot prices for silver dropped 2.2% after hitting $53.55 an ounce in London. That was about $1 higher than a peak set in January 1980 on a now-defunct contract overseen by the Chicago Board of Trade, when the billionaire Hunt brothers attempted to corner the marketBloomberg Terminal. Gold pared gains after climbing to another record high, building on eight straight weeks of gains.
