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Silver hit record high at $64.64/oz

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Platinum climbs to 14-year peak

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Non-farm payrolls data due on December 16

(Recasts lede, adds quote and updates prices for AMERS

mid-session trading)

By Sarah Qureshi

Dec 12 (Reuters) -

Silver prices fell more than 3% on Friday after hitting an

all-time high earlier in the session, as profit-taking set in,

while gold eased from a seven-week peak.

Spot silver fell about 3% to $61.7 per ounce by 12:00

p.m. ET (17:00 GMT), after hitting a record high of $64.64

earlier.

Spot gold fell 0.1% to $4,280.69 per ounce, after

scaling its highest level since October 21 earlier.

U.S. gold futures were flat at $4,312.90.

The U.S. dollar edged higher against other fiat

currencies, making greenback-priced metals less affordable for

foreign buyers.

There's some blowing up of steam, an uptick in the U.S.

dollar and an element of profit-taking putting pressure on

prices, said Bart Melek, global head of commodity strategy at TD

Securities.

Silver prices are up nearly 5% for the week and have gained

112% this year, spurred by tightening inventories, sustained

industrial demand and its inclusion on the U.S. critical

minerals list.

"The price increase has become excessive, which calls for

caution," CMZ said in a note. In the longer term, the

fundamental outlook for silver remains positive due to forecast

increases in industrial demand, it said.

The U.S. Federal Reserve this week announced its third and

final quarter-point rate cut this year, but signalled caution on

further cuts until more data emerges.

Investors are pricing in two rate cuts next year, and are

awaiting next week's U.S. non-farm payrolls report.

Non-yielding gold tends to do well in a low-interest rate

environment.

"Our average annual forecast for gold in 2026 is $4,213 per

ounce," Melek said.

Elsewhere, the U.S. is preparing to intercept more ships

carrying Venezuelan oil after seizing a tanker this week, as

Washington increases pressure on President Nicolas Maduro,

sources told Reuters.

Platinum was up 1.9% at $1,728.15, climbing to its

highest level since September 2011. Palladium fell 0.2%

to $1,481.93. Both were headed for a weekly rise.