Spot gold and silver prices experienced significant declines on December 29, with market sentiment shifting as the year-end approaches. Spot gold fell 0.82%, dropping below $4,500 per ounce. Meanwhile, silver erased over 6% of its intraday gains, closing at $77.7 per ounce, marking a 1.58% decrease for the day. On-chain data suggests these movements reflect changing market dynamics as traders adjust their positions before the new year.