Gold and silver sank for a second day Wednesday, bringing a rally in the precious metals to a juddering halt, while stocks were mixed after US President Donald Trump remarked that a meeting with Chinese counterpart Xi Jinping might not take place.

Bullion has seen an eye-watering run-up since the turn of the year, helping it climb more than 60 percent and hitting multiple records, with observers suggesting it could soon hit $5,000 an ounce.

The rally has been built on a range of issues including a weaker dollar, expectations of interest rate cuts, falling bond yields and central bank buying.

Lingering worries about the global outlook have also boosted its haven status, while a fear of missing out on the surge has equally played a part.

But the buying reversed Tuesday, tanking as much as six percent at one point, and continued its retreat in Asia, hit by profit-taking, hopes for a further easing of China-US tensions and a stronger dollar.

At one point Wednesday it hit a low of $4,000 -- a day after chalking up a record peak of $4.381.51. Silver, which has been riding the coattails of the rally, also plunged.

The retreat hit gold miners and........

© International Business Times