Gold slid in profit-taking, firm greenback

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Source: Dukascopy Bank SA
Precious metals except for silver snapped a four-day winning streak on profit-taking after weak consumer sentiment data from the US. Meanwhile, market players are likely to remain focused on the BoJ meeting, the Eurozone finance ministers' meeting and the US debt ceiling talks due this week.

Gold retreated as investors locked in gains after the previous rally. Weak US consumer sentiment data coupled with strong greenback put heavy pressure on the yellow metal. However, upcoming BoJ and the Eurozone's finance ministers' meetings as well as US debt debates are likely to be bullish for gold.

Silver was the only gainer on Friday, approaching almost a one-month high after the US Mint sold out 2013 American Eagle silver coins. The US Mint is expected to resume sales in the week starting January 28 when stocks are replenished.

Platinum and Palladium declined on profit-taking and firm US Dollar. However, the metals remained well-supported by expected increase in demand and  deficit on the physical markets. Global platinum output may drop by 7% after Anglo American Platinum cuts its production by 400,000 ounces per year. Meanwhile, strong China's data boosted industrial demand prospects for palladium.

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