Precious metals ran into profit taking as the hefty buying following easing measures announced by the US Fed and Bank of Japan went into reverse.
Gold was also hit by an outflow of money from exchange–traded funds, with traders suggesting the price spike following the monetary boost from the US and Japan had run its course.
Spot gold dropped by US$9.1 to US$1,762.7, silver eased US$0.25 to US$34.34, while platinum futures dropped sharply with October contract US$25.6 lower at US$1614.8.
On the company front, UBS ran its rule over South African miners and noted the gold miners had barely moved despite the rand gold price hitting record levels this week.
It expects a better reaction once the risk of more industrial unrest in the country has eased, though this is a concern that may linger said the broker.
Its favourite stocks are AngloGold for the gold sector and Implats in platinum, though it said it remains cautious on the sectors overall.
Major movers
