Platinum slumps on global growth concerns

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Source: Dukascopy Bank SA
Precious metals were mixed on Thursday as US jobless claims increased more-than-expected last week, dampening talks that the Fed may halt its bond purchases sooner than planned. However, uncertainty over the Fed's policy move persisted after the data showed that the US core inflation rate climbed more-than-expected last month.

Gold swung to gains on hopes that the Fed will stick to its easing measures amid weakness of the country's jobs market. Moreover, gold found support on speculation that lower prices will boost demand in India despite a potential increase in India's gold import duty.

Silver advanced amid easing worries about monetary policy tightening by the Fed. Robust investment demand and hopes for an increase in India's consumption also pushed the grey metal higher.

Platinum and Palladium prolonged their slump, attaining the lowest level in six weeks amid negative data from the Eurozone and US. However, persistent concerns over deficit on the physical markets limited losses of the precious metals.
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