Precious metals continued to tumble on Wednesday

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Source: Dukascopy Bank
Precious metals continued their tumble for the second consecutive day on Wednesday as hopes for further easing measures in the US disappeared. Broadly stronger US Dollar and weaker global equities also weighted down on the commodity group. Lingering concerns over the Euro Zone's economic state after disappointing Spain and Italian bond auctions created a downward pressure on precious metals. Gold lost 1.54% as strikes in India ended and China's traders were still out from the market due to holiday. Other precious metals followed the gold's suit. However, platinum and palladium may find support on the improving car sales worldwide. Palladium may face growing supplies as Papuan Precious Metals Corp. started mining at its palladium mine.


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Thu, 05 Apr 2012 17:53:32 GMT

Energy commodities fell after EIA report

Energy commodities fell on Wednesday amid firmer US Dollar and EIA report on the US crude oil inventories. The EIA announced a 9 billion barrel increase in the US inventories. Spain and Italy's bond auctions that faced weak demand and rising yields also added to the negative mood of the commodity pack as the Euro Zone's economic activity may slump

Thu, 05 Apr 2012 17:52:56 GMT

Base metals were pressured by US Dollar strength

Industry metals faced persistent pressure after FOMC minutes that indicated Fed unwillingness to start the next round of the quantitative easing. Base metals pack also faced bearish trend as US Dollar appreciated against its major rivals while equities weakened. Copper was among the top-losers after poorly subscribed Spain and Italy auction that escalated worries over the Euro Zone's recovery. Alumnium

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