Platinum drops on FOMC minutes, stronger greenback

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals retreated on Wednesday as market players continued to reduce holdings of the metals on talks the Fed may scale back its easing measures amid accelerating economic recovery. According to the latest FOMC minutes, board members were divided on when to wind down stimulus.

Gold was the worst performer amid broadly stronger U.S. Dollar and concerns the Fed may halt its growth-boosting measures. Adding pressure on the yellow metal, holdings in the SPDR Gold Trust dropped to 1,183.53 metric tonnes on Thursday, the lowest level since May 2010.

Silver dipped on softening investment demand and worries over the U.S. stimulus package. Holdings in silver-backed ETPs dropped 26 tonnes in the beginning of April compared to inflows of 734 tonnes in the first quarter of 2013.

Platinum and Palladium declined as concerns the Fed may wind down its easy monetary policies escalated. However, the metals continued to draw strength from deficit on global markets and rising industrial demand. Platinum found additional support on supply insecurity in South Africa as workers at Platinum's Zondereinde mine went on strike to demand higher bonuses.
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Thu, 11 Apr 2013 08:52:59 GMT

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