Dec 12 (Reuters) - Silver prices fell more than 3% on Friday after hitting an all-time high earlier in the session, as profit-taking set in, while gold eased from a seven-week peak.
Spot silver fell about 3% to $61.7 per ounce by 12:00 p.m. ET (17:00 GMT), after hitting a record high of $64.64 earlier.
Spot gold fell 0.1% to $4,280.69 per ounce, after scaling its highest level since October 21 earlier.
U.S. gold futures were flat at $4,312.90.
The U.S. dollar edged higher against other fiat currencies, making greenback-priced metals less affordable for foreign buyers.
There's some blowing up of steam, an uptick in the U.S. dollar and an element of profit-taking putting pressure on prices, said Bart Melek, global head of commodity strategy at TD Securities.
Silver prices are up nearly 5% for the week and have gained 112% this year, spurred by tightening inventories, sustained industrial demand and its inclusion on the U.S. critical minerals list.
"The price increase has become excessive, which calls for caution," CMZ said in a note. In the longer term, the fundamental outlook for silver remains positive due to forecast increases in industrial demand, it said.
The U.S. Federal Reserve this week announced its third and final quarter-point rate cut this year, but signalled caution on further cuts until more data emerges.
Investors are pricing in two rate cuts next year, and are awaiting next week's U.S. non-farm payrolls report.
Non-yielding gold tends to do well in a low-interest rate environment.
"Our average annual forecast for gold in 2026 is $4,213 per ounce," Melek said.
Elsewhere, the U.S. is preparing to intercept more ships carrying Venezuelan oil after seizing a tanker this week, as Washington increases pressure on President Nicolas Maduro, sources told Reuters.
Platinum was up 1.9% at $1,728.15, climbing to its highest level since September 2011. Palladium fell 0.2% to $1,481.93. Both were headed for a weekly rise.
Reporting by Sarah Qureshi in Bengaluru; Editing by Alexander Smith and Sahal Muhammed
