Platinum eased down despite production slump

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Source: Dukascopy Bank SA
Precious metals moved lower on Tuesday as investors are pessimistic about the EU summit due to start on Thursday.

Gold slid amid mixed data from the US. CB consumer confidence dropped to five-month low in June while US real estate market is showing signs of recovery as house prices rose slightly  in April.

Silver declined amid escalated concerns over the Eurozone's financial stability after Egan Jones, rating agency, downgraded Germany from AA- to A+.

Platinum was weak over the day despite CPM Group announcement that recent fall in South African production may result in platinum shortage in the market.

Palladium was the top-loser on global growth concerns. However, potential deficit in the market this year as estimated by CPM Group may support the metal in medium-term.


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