Silver rose on weak US data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals advanced on Wednesday, following dismal economic data releases from the US. US retail sales and PPI dropped more than expected last month, adding to fears that the country's economy may into recession, especially after tax hikes. At the same time, mounting hopes that the Fed may introduce a new bond-buying program in 2013 buoyed the commodity group.

Gold traded higher on disappointing signals from the US economy. However, broadly stronger US Dollar and uncertainty over Greek bailout bid capped gains in the yellow metal.

Silver rallied despite weak global equities and solid greenback. The grey metal was lifted by speculation that the Fed will prolong its bond-purchasing program next year.

Platinum and Palladium remained well-supported by global supply concerns. Global output of platinum and palladium is expected to plunge 9.9% and 11% this year, driving the market into deficit in 2012.

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Thu, 15 Nov 2012 10:28:42 GMT

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