Silver prices slid on Monday, extending a decline in the wake of the metal’s worst-ever session on Friday, after commodity exchange CME Group lifted its margin requirements.

Spot silver prices were down by more than 4% at $81.09 an ounce by 05:32 ET (10:32 GMT), paring back some losses following a slide of 12% earlier on Monday.

Since rising to a record high of $121.64 per ounce last week, silver has retreated by more than 30%.

Gold has also slumped, with the yellow metal now exchanging hands well below the $5,000 per ounce level it had topped only days ago.

"While a correction was overdue after the intense rally, the scale of Friday’s decline far exceeded most expectations," analysts at ING including Ewa Manthey and Warren Patterson said in a note.

Together, the declines in silver and gold have weighed on broader risk sentiment as the new trading week began. U.S. stock futures pointed lower and Asian equities fell, while the world’s most popular cryptocurrency, Bitcoin, was under pressure.

Over the weekend, CME Group said it would increase margins on its precious metals futures starting from the close of markets on Monday. An uptick in margin requirements can force investors to factor in a higher capital outlay, potentially denting speculation.

Meanwhile, the precipitous drop in the metals has pushed leveraged investors to offload other assets to cover margin calls.

Renewed strength in the U.S. dollar has threatened to take some of the sheen off of the metals’ appeal as well. The greenback has firmed since President Donald Trump announced Kevin Warsh as his nominee to become the next Federal Reserve Chair.

Warsh -- who formerly served as a Fed governor -- has aligned with Trump’s calls for sharply lower interest rates, although he has also balked at the Fed’s asset buying operations.