Precious metals, except for palladium, dropped on Tuesday ahead of highly anticipated the ECB and Fed meetings this week. Precious metals came under notable pressure as positive data from the US weighted down on Fed easing speculation. Even weaker greenback failed to support the commodity group.
Gold edged down despite mounting expectations of easing measures from the ECB. Traders are cautious ahead of FOMC statement on monetary policy due on Wednesday.
Silver moved in tandem with global equities, tumbling 0.7%. The white metal also was pressurized by weakness of industrial metals.
Platinum continued to retreat after Anglo American reported a 46% decline in profit for H1, citing weakness of platinum industry and lower commodity prices.
Palladium futures gained all over the world on Tuesday ahead of China's PMI data due on Wednesday.