Palladium drops as US Dollar rebounds

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals tumbled on Thursday on broadly stronger US Dollar ahead of the EU summit. Mixed US data and fading hopes that the POBC will provide essential stimulus for China's economy weighted down on the commodity group.

Gold halted a three-day rally amid increased cautiousness ahead of the EU summit results. Encouraging manufacturing data from the US also sent the yellow metal lower.

Silver shed 1.29%, following mixed signals from the US economy. Weak global equities as well as a rebound in greenback added pressure on the white metal.

Platinum dropped despite renewed worries that strikes will continue at the South African mines. On Thursday, about 4,000 miners at Lonmin's Marikana did not come to work, disrupting operations at the plant.

Palladium tumbled despite positive signs from the US manufacturing sector. Strong US Dollar and weak car sales in Europe continued to pressurize the precious metal.

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