Silver prices trimmed a fall on Tuesday that had ended the precious metal's surge to a record high, as option traders sold back metal to cover risks ahead of options expiry later in the day. US silver futures tumbled as much as 5.4 percent to $44.61 an ounce, and gained some lost ground to $45.52 by 0615 GMT. The contract rallied to $49.82 in the previous session, a hair off their record high of $50.35.
Spot silver lost 3 percent to $45.50, ending a 9-session winning streak and headed for its biggest daily loss in more than a month. Spot gold fell 0.6 percent to $1,499.60 an ounce, after a seven-day record-setting rally that pushed prices to $1,518.10 on Monday. US gold also lost 0.6 percent to $1,500.10.