Precious metals tumbled after Ben Bernanke's announcement

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Source: Dukascopy Bank
Precious metals tumbled on Wednesday amid broadly stronger US Dollar and Ben Bernanke's announcement on the recovery of the US economy. Taken better than expected industry and labour market, traders considered these comments as hint that there will not be the next round of the QE in the US. Gold lost more than 84 US Dollars per ounce and broke key support level in less than two hours after this announcement. Moreover, globally improved economic state pressured the commodity group that tends to be uncertainty hedge. Other precious metals tracked gold's downward trend and posted significant declines. Even successful LTRO failed to limit losses of the precious metals.

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Thu, 01 Mar 2012 15:01:49 GMT

Industry metals fell as next QE in the US is not imminent

Industry metals apart from aluminium posted losses on Wednesday after Ben Bernanke's speech that provided a hint that the new QE in the US is not likely. Even inspiring industry data releases failed to retain metals on the positive area. Investors were also cautions ahead of China's PMI data during the volatile trade in the last day of the month.

Thu, 01 Mar 2012 14:20:08 GMT

UK manufacturing growth eased in February

British manufacturing activity growth modestly cooled in February, showed PMI survey on Thursday. The Purchasing Managers' Index declined to 51.2 in February compared to 52.0 in January. Nevertheless the reading still indicates expansion. Economists questioned by Dow Jones Newswires predicted an index to climb to 52.1. One possible explanation for the decline might be surging oil prices, suggest analysts. 

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