Gold moves higher on weak risk sentiment

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals were mixed in quiet pre-holiday Monday trade amid broadly stronger US Dollar. However, rising pessimism over the US budget deal to avert so-called fiscal cliff was supportive for the commodity group. Potential recession in the US is likely to increase demand for safe-haven assets, especially for precious metals. Meanwhile, lower-than-normal activity during holidays is expected to spur volatility on the commodity markets in the following weeks.

Gold ended pre-Christmas session in green territory, noting an increase of 0.05%. The yellow metal drew strength from weak risk sentiment and short-covering after it fell to almost five-month low last week. Strong physical demand from central banks also continued to support the precious metal.

Silver was the top-loser amid soft global equities and solid greenback. However, gold's firmness limited a downward trend of the grey metal.

Platinum and Palladium were mixed, with platinum falling 0.29% and palladium climbing 0.96%. An expected deficit this year due to strikes in South Africa and lower Russia's sales continued to push the metals up. At the same time, uncertainty over industrial demand continued to pressurize the metals.

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