Yellow metal prices decline as investors unload holdings

Precious metals were routed as gold sank to the lowest in more than five years amid prospects for higher United States rates and after China said it held less metal in reserves than some analysts expected.

Platinum plunged to the lowest since 2009, while silver and palladium lost more than 2 percent.

Gold has fallen out of favor with investors as US Federal Reserve Chair Janet Yellen prepares to raise rates this year, boosting the dollar. While China updated its bullion reserves on Friday for the first time since 2009, the 57 percent increase to 1,658 metric tons was smaller than had been estimated. Gold's plunge increases the prospect of a third annual decline.