Gold retreated further below $4,000 an ounce on signs a breakneck rally that took it to a record high may have been overdone, while silver rose to near the highest since 1980.
Bullion traded near $3,963 an ounce on Friday, after losing 1.6% in the previous session. Technical gauges show the precious metal has been in overbought territory for much of the past month, prompting some investors to lock in gains after a rapid four-day winning streak that pushed prices to a record high of $4,059.31 an ounce on Wednesday.