Silver pulls back from 3-month high on profit-taking

Silver prices fell on Monday, and pulled back from 3-month highs due to profit-taking, in addition to a slowdown in safe-haven demand.

Silver prices fell more than 1.5% to $24.90 an ounce, after opening at $25.30, and hit a high of $25.37.

The white metal closed higher by 0.25% on Friday, the third straight daily gain, and hit a 3-month high at $25.38 an ounce.

Silver prices gained 5% last week, the largest weekly gain since May, thanks to strong safe-haven demand due to inflation concerns.

The US inflation rate saw a historic jump, after consumer prices rose to the highest level since 1990 during in October, which increased safe have demand for the precious metal.

While silver prices fell today due to profit-taking, in addition to a slowdown in safe haven demand, as several US Federal Reserve officials continued to confirm that the current inflation spike is temporary.