Precious Metals rally on the growing demand

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Source: Dukascopy Bank
© Dukascopy Bank
Precious metals, excluding palladium, advanced on Thursday with the Dow Jones-UBS Precious Metals adding 0.56% over the day. Silver was the top gainer rallying 0.98% amid strong demand as US Mint announced American Eagle silver coin sales hit three-month high. Gold found support on the weaker US Dollar and increased demand in the US as Mont gold coin sales advanced 26% in January. However, gold's gains are likely to be limited on the lower risk aversion after successful Italian and Spanish debt auctions and easing tensions between Iran and Western economies.

 

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Fri, 13 Jan 2012 16:46:24 GMT

Copper jumps on falling stocks at LME and possible supply disruptions from Nigeria

Base metals, excluding aluminium, continued to rally on hopes of steady China's demand and successful bond auctions in Italy and Spain. Copper, top performer, gained 2.89% over the day amid stronger Euro, expected supply disruptions from Indonesia and falling copper stocks in LME warehouses. Experts claim the LME inventories may decline further creating fresh stimulus for copper price. However, on

Fri, 13 Jan 2012 09:02:44 GMT

Vietnam to purchase 2.1 tons of gold

The Vietnam State Bank announced the country's gold imports are likely to rise close to 2.1 tons. The bank granted quotas on gold imports to 10 companies. Vietnam seeks the ways to diversify reserves from US Dollar and the Euro to limit the risk inherent to these currencies. Currently, the country's gold reserves amount 200-300 tons.

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