Investors sold off gold and silver due to concerns that recent historic rallies made them overvalued. As a result, spot gold prices fell by 6.3%, the largest decline in over a decade, while silver dropped 8.7%. This drop is attributed to technical indicators suggesting earlier gains may have been too high, leading investors to lock in profits.
Source: https://www.bloomberg.com/news/articles/2025-10-21/gold-and-silver-post-steepest-drops-in-years-amid-market-selloff