Gold jumps on Fed's easing, weak US GDP data

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Source: Dukascopy Bank SA
Precious metals apart from palladium jumped after the data showed US GDP unexpectedly contracted by annualized 0.1% in Q4 of 2012, compared to a forecast of 1.1% growth. Adding to gains of the commodity group, the Fed decided to leave its ultra-easy policy unchanged. Broadly weaker US Dollar and strong investment demand also pushed precious metals higher.

Gold climbed on Fed's decision to continue its easing measures. Meanwhile, disappointing economic data from the US boosted the safe-haven appeal of the yellow metal. Furthermore, signs of robust physical demand from central banks also spurred a rally in gold prices.

Silver continued to draw strength from strong demand for silver coins. The US Mint reported sales of silver coins in January soared 84% on a monthly basis.

Platinum closed higher amid robust investment demand and global supply insecurity.

Palladium was the only loser on concerns that weak US GDP data may weigh on car demand in the country. Palladium is sensitive to car sales as the metal is widely used in automotive industry.
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