James Steel, Chief Precious Metals Analyst at HSBC, reacts to the overnight decline in gold and silver. Precious metals clawed back some losses after another heavy selloff in Asian trading hours, as traders took stock of the abrupt unwinding of a record-breaking rally. Spot gold fell by about 4%, after tumbling 10% earlier, extending its biggest slump in more than a decade on Friday. Silver dipped by 6%, after sliding 16% earlier and posting a record intraday drop on Friday. Precious metals had