Gold slipped back below $4,000 an ounce and silver retreated from its highest level since 1980 as US equities weakened and investors locked in profits.
Bullion slipped after a torrid rally this week left prices vulnerable to pullbacks on concerns that the metal is trading at overheated levels. Technical indicators show gold’s been trading in overbought territory for the past month, likely leading to some profit-taking by investors following a scorching four-day run. Platinum and palladium also fell.