Gold dives on profit taking, ETPs outflows

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Source: Dukascopy Bank SA
Precious metals except for palladium moved lower on Monday as investors sold safe haven assets for profits after Friday's jump in prices. Meanwhile, signs of weakening investment demand also depressed the commodity complex.

Gold tumbled on profit taking and a rebound of the U.S. Dollar. The yellow metal also was pressurized by soft investment demand. According to the latest data, holdings in the SPDR Gold Trust dropped 0.9 metric tonnes to the lowest level since June 2011 on Friday.

Silver moved in tandem with gold, retreating 0.08%. Weighing on prices, ETPs flows continued to disappoint investors. Holdings in silver-backed ETPs dropped 26 tonnes this month compared to inflows of 734 tonnes in the first quarter of 2013.

Platinum traded in the negative territory as investors cashed from the market after Friday's rally. However, the downswing was limited by fresh supply concerns. About 500 drill operators at Northam Platinum's Zondereinde mine went on strike to demand an increase in bonuses.

Palladium was the only gainer after Capital Economics predicted a 22% increase in palladium prices by the end of 2014 amid falling production and robust demand.
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