Silver slides on mixed equities, fiscal cliff

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Source: Dukascopy Bank SA
Precious metals dipped on Friday amid broadly stronger US Dollar and uncertainty over the US fiscal cliff. However, the downswing was restricted due to weak US data releases. US consumer spending slumped unexpectedly in October, thus raising hopes that the Fed will ease its monetary policy further. Meanwhile, market players continued to monitor key US data to gauge the strength of the world's biggest economy.

Gold lost 0.62% as greenback remained strong despite negative figures from the US economy. Meanwhile, the yellow metal may seek support on improving physical demand from central banks and mounting hopes that the Fed will announce more stimulus measures at its next-month meeting.

Silver retreated on mixed global equities and solid greenback. The grey metal also tracked losses of the precious metal's group.

Platinum and Palladium traded lower amid persistent worries over upcoming tax hikes and spending cuts in the US. However, an expected deficit on the market next year limited losses of the metals.

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