Profit-taking weighs on precious metal prices

Following the steep price rises of recent days, precious metals are seeing profit-taking this morning which is weighing significantly on prices. Gold has fallen to $1,140 per troy ounce, while silver has even shed 3% to hit $15.6 per troy ounce. 

The silver ETFs tracked by Bloomberg recorded sizeable outflows yesterday for the second day running - just shy of 54 tons following a good 59 tons the day before. As a result, holdings have slid below the 19,000 ton level for the first time since July 2013. 

The gold ETFs tracked by Bloomberg also registered outflows in the past two consecutive days, though at 2.2 tons in total they were by no means excessive, notes Commerzbank.