Gold prices fell for a second day on Wednesday, as investors took profits after a weeks-long rally.

Gold futures were last down $61.30, or 1.49%, to $4,053.10 per ounce by 8:25 a.m. ET. Gold mining stocks such as Newmont and Barrick fell more than 4% in premarket trading.

The precious metal sold off sharply Tuesday, losing 5.74% to close at $4,109.10 in its worst performance since 2013. The two-day selloff comes after gold futures hit a intraday record of $4,398 per ounce on Monday.

There is no macroeconomic or geopolitical event driving the pullback in gold prices this week, according to Swiss bank UBS.

"If we look at adjustments to non-commercial positioning, we believe the decline was largely technical," UBS analysts led by Wayne Gordon told clients Wedne

See Full Page