Source: Sharecast
At 1600 GMT, gold was down 2% at $5,195.80 an ounce, while silver was 2.6% lower at $110.54. Earlier in the day, gold was within touching distance of $5,600 an ounce, while silver hit $121.
Neil Wilson, UK investor strategist at Saxo Markets, said: "In the last few minutes gold and silver prices cratered seemingly under the weight of their own excess after ballooning to record highs. Copper too took a nosedive.
"We are seeing extreme volatility in metals and FX markets which is leading to serious dislocations and may well gnaw away at equity market sentiment."
Wilson added: "Things are looking pretty messy out there regards metals markets."
Danni Hewson, head of financial analysis at AJ Bell, said: "Whether this is a natural correction after a period of exuberance in these markets or something more serious remains to be seen - but the speed of the sell-off was causing some alarm in the wider market."
The reversal in metals prices took the shine off precious metals miners, with Fresnillo down 6%, Endeavour 1.5% lower and Hochschild Mining off 3.1%.
Gold and silver prices have been on a tear recently, as a weaker US dollar and geopolitical tensions boosted demand for safe-haven assets.