Gold slips 1.5% as precious metals retreat from record highs

US gold futures for February delivery moved in the opposite direction, rising 1.6 per cent to US$4,818.10 per ounce, reflecting continued interest from futures traders despite short-term pressure in the spot market.

Silver gains, platinum and palladium decline

Silver prices showed relative strength, with spot silver gaining 1.6 per cent to US$85.98 per ounce after reaching an all-time high of US$121.64 last Thursday.

In contrast, platinum fell 2 per cent to US$2,120.05 per ounce, retreating further after reaching a record US$2,918.80 on 26 January. Palladium also edged lower, down 0.9 per cent to US$1,682.59 per ounce.