New York, January 29 (QNA) - Gold prices fell more than four percent Thursday as investors took profits after the price surged to unprecedented levels. However, prices are still on track for their best monthly performance since the 1980s amid economic and geopolitical uncertainty.

Spot gold fell 4.6 percent to $5,149.99 an ounce after earlier reaching $5,594.82.

US gold futures for February delivery also declined 2.8 percent to $5,165.20.

As for other precious metals, spot silver lost 6.6 percent to reach $108.84 an ounce after earlier hitting $121.64.

Silver has risen by about 50 percent this year, supported by a persistent supply shortage and strong buying pressure.

Meanwhile, platinum fell 1.7 percent in spot trading to $2,650.15 an ounce after hitting a record high of $2,918.80, and palladium dropped 6.7 percent to $1,935 an ounce. (QNA)