Gold prices fall sharply after record high, silver prices fall

Gold prices have suddenly fallen sharply after reaching record highs. Prices fell more than 2 percent on Friday due to new comments by US President Donald Trump on China and the strong position of the dollar.

Spot gold prices fell 2.6 percent to $4,211.48 per ounce on Friday afternoon (1:38 am Eastern Time), Reuters reported.

Earlier in the session, the price had risen to a record high of $4,378.69. Gold crossed the $4,300 mark for the first time on Thursday. Still, its total increase for the week is about 4.8 percent.

US gold futures for December delivery also fell 2.1 percent to close at $4,213.30.

On the other hand, the dollar index (DXY) rose 0.1 percent. As a result, the price of gold denominated in dollars for foreign buyers rose further.

Trump confirmed on Friday that he would meet with the Chinese president soon, easing investor concerns about the US-China trade conflict.

Analyst Tai Wong said the relatively dovish tone since Trump's previous announcements had eased market tensions.

Gold is generally seen as a safe haven during times of uncertainty. The metal has risen more than 64 percent this year. The rise was driven by geopolitical tensions, central bank purchases, a shift away from the dollar and increased inflows into ETFs. The prospect of a US interest rate cut also helped.

Silver, on the other hand, fell 5.6 percent to $51.20 an ounce, after hitting a record high of $54.47 earlier. Silver's overall gain for the week was 2 percent.

Platinum fell 6.1 percent to $1,607.85; And palladium fell 7.9 percent, to $1,485.50 per ounce.