Gold under pressure despite a weaker USD and falling stock markets

Despite a slightly weaker US dollar and equity markets that find themselves under pressure, in some cases considerable pressure, gold has dropped below $1,130 per troy ounce. In euro terms, gold is trading back below the €1,000 per troy ounce mark again for the first time in eleven days.

Evidently investors are continuing to jettison their gold positions following significant price rises in the preceding two weeks, notes Commerzbank. 

What is more, it was announced yesterday that seven banks in Switzerland are being investigated for possible collusion in the precious metals markets. Platinum and palladium are under even more pressure than gold and shed a good 3% and over 2% respectively yesterday.