(MENAFN- Yolo Wire) Prices for gold and silver experienced their biggest one-day declines in years on Oct. 21 as the rally in precious metals came to an abrupt halt.

At one point, gold's price was down as much as 6.3% to just under $4,100 U.S. per ounce, its biggest intraday decline since 2013.

Silver fared even worse, with its price falling more than 8% for its worst day since 2021.

The sharp selloffs came as trade tensions continue to flare between the U.S. and China, and as the U.S. dollar rises ahead of an expected interest rate cut from the Federal Reserve Oct. 29.

Some analysts also attributed the sudden decline in gold and silver prices to profit taking among investors after each metal enjoyed a record-setting rally this year.

Analysts say they're now trying to assess whether the slide in gold and silver represents a bigger correction in the precious metals after they each hit all-time highs recently.

Gold's price had gained nearly 30% since mid-August of this year amid a wave of central bank purchases and inflows into gold-backed exchange-traded funds (ETFs).

Silver's price had outpaced gold's, rising more than 70% this year and hitting its first new all-time high since the early 1980s.

Gold and silver are each down again on Oct. 22, with the spot price of bullion falling another 2% in premarket trading in the U.S.

For now, Wall Street remains bullish on the precious metals heading into 2026.

Bank of America (NYSE: $BAC) recently reiterated its "long gold" recommendation, forecasting $6,000 U.S. per ounce by the middle of next year.

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