Safe haven assets, gold and silver in particular, tumbled on Monday morning as the financial market worldwide remained closed for the New Year holiday. The tight trading session for the gold and silver was extended as the US dollar mixed at the end of 2016. Did the precious metals lose their shine?

During the last session, gold futures on the Commodity Exchange dropped 0.55 percent to $1,151.70 per troy ounce for February contracts while silver lost 0.06 percent to $15.98 per troy ounce.