Precious metals tumbled on strong USD on Friday

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Source: Dukascopy Bank
Precious metals tumbled on Friday amid broadly stronger US Dollar despite weak labour market data. Over the last week, precious metals faced high volatility as hopes for new round of quantitative easing from the Fed added to fluctuations of the commodity group. Gold and silver mainly followed the downward move of the global stock markets while escalated Euro Zone's debt crisis concerns also weighted.  Meanwhile, indications of slowing China's economy after disappointing GDP data for Q1 also impacted more growth- sensitive metals as platinum and palladium. However, platinum and gold may seek support in 11.5% lower production of Harmony's South African mines.

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