Precious metals

Note: This section contains information in English only.
Source: Dukascopy Bank
© Dukascopy Bank
Precious metals fell on Friday amid broadly stronger US Dollar after  negative news from the Euro Zone. Moreover, Ben Bernanke's announcement that the second round of quantitative easing in the US is not imminent continued to pressure precious metals' price. However, commodity group was supported by increased buying of the large exchange-traded funds. Gold holdings of the world's largest ETF hit all-times high of 70.76 million ounces. In addition, traders remained bullish about precious metals, increasing their long positions to the half-year high. Palladium and platinum were also exposed to the news that Wallbridge Mining started drilling in three palladium and platinum projects in Canada.

Interchange between gold, silver and platinum remained almost unchanged at 0.85 and 0.76, respectively. In the similar fashion, gold's connection with palladium improved to 0.71 amid better than expected auto sales in the US. Further, correspondence between gold and Brent oil advanced from minus 0.08 to 0.08 as both commodities tumbled on the firmer US Dollar. Gold's link with the Dow Jones Industrial Average (INDU) soared from minus 0.02 to 0.26 during the day.

© Dukascopy Bank

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