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Precious metals lose a large part of their gains again

The precious metal markets are swinging on either sides of profits and losses. After sharp rise at end of last week, precious metals have lost most of their gains again.

Gold slipped by 1% and is currently trading at $1070 per troy ounce and at around 920 EUR per troy ounce. Silver, platinum and palladium declined by around 3% yesterday.

"Friday's price rise is clearly being viewed as excessive, as is evidenced among other things by ongoing outflows from the gold ETFs, to the tune of four tons again yesterday", noted Commerzbank.

Spot gold inched up 0.3 pct to $1,073 an ounce today morning, but not far from Monday's session low of $1,069.66. The metal slid 1.5 pct overnight. 

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