Barclays to exit precious metals and shut securities ops across Asia

As part of its ongoing cutbacks to minimise losses and due to a decline in commodities, Barclays plans to shut down its precious-metals business, including trading and research; the bank has declined to comment. Gold has fallen by more than 40% since 2011 as investors snubbed bullion as a store of value. 

London: Barclays Plc plans to eliminate its precious-metals business, including trading and research, as the bank looks to minimise losses amid declines in commodities, according to a person with direct knowledge of the plan who asked not to be identified as the decision hasn’t been made public.

The move follows the London-based company’s plan to reduce 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge said at the time.

Gold has dropped more than 40 per cent from an all-time high reached in 2011 as investors snubbed bullion as a store of value. The bank declined to comment on the exit from precious metals, which was reported earlier on Friday by Platts.