Precious metals fell on Tuesday amid recovering US economy

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Source: Dukascopy Bank
Precious metals tumbled on Tuesday amid broadly stronger US Dollar and improving US economic outlook. The commodity group was also pressured by the increase in the 10-year US Treasury yields that signal on recovering US economy. However, soaring energy prices continued to weight up on the inflation rate thus increasing appeal of the traditional inflationary hedges such as precious metals. Adding to the negative mood of the yellow metal was recent India's decision to raise the gold import tax duty to 4%. Silver was the top-loser over the day but the white metal may regain a spree as US silver jewellery sales jumped by 77% last year. Other precious metals tacked the gold's suit and are likely to fall further on the more pessimistic auto production in China.

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Wed, 21 Mar 2012 12:26:12 GMT

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