Silver steady on solid investment demand

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals were bearish on Wednesday after upbeat US data raised concerns that the US economy is on solid footing. A recovery of the US economy will mean end of the Fed's easing activities that are supportive for precious metals. However, losses were limited by hopes the ECB and BOJ will provide additional monetary stimulus.

Gold retreated from a two-week high after the data showed US retail sales grew faster-than-expected last month. Moreover, weakening investment demand and strong US Dollar weighed on the yellow metal. Investors sold more than 106 tonnes from ETPs last month, the most since 2003.

Silver was flat, balancing between signs of robust investment demand and weakness in gold prices. Silver ETPs holdings jumped 0.3% to attain a record of 19,708 metric tonnes on Wednesday.

Platinum and Palladium declined on solid US Dollar and worries that the Fed may end its growth-boosting measures sooner than expected. At the same time, persistent deficit on physical markets as well as robust car demand across the globe continued to lend support for the metals.
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