Gold retreats on profit taking, solid greenback

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Source: Dukascopy Bank SA
Precious metals apart from palladium dropped on Thursday amid profit taking and broadly stronger US Dollar. Additionally, encouraging reports from China as well as a potential fall in physical demand from India after the government raised import duty from 4% to 6% created heavy pressure on the commodity group.

Gold declined for the second consecutive session as a recent increase in prices prompted investors to lock in gains. Moreover, positive data from the US labour market sent greenback high, weighing on the yellow metal.

Silver gave back previous gains on profit taking and expectations that the US Mint will soon resume sales of American Eagle silver coins. The grey metal reached a six-week high in Wednesday's session as the US Mint run out of 2013 American Eagle silver coins and suspended sales until January 24.

Platinum dipped on easing deficit concerns. Platinum deficit is seen at two tonnes in 2013 as many idle mines are expected to resume operations in South Africa.

Palladium was the only gainer on escalated concerns over deficit on the physical markets. Global deficit is expected to reach 932,000 ounces in 2013 and may widen further even despite a slight increase in Russia's sales.
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