Palladium dropped on bleak demand prospects

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals tumbled on Wednesday as Fed meeting resulted in absence of significant changes in the current monetary policy. Moreover, strengthening US Dollar and weaker global equities weighted down on the commodity group.

Gold attained one-week low after upbeat ADP non-farm employment data. However, news that the US manufacturing sector continued to contract in July provided slight support for the yellow metal.

Silver came under heavy selling pressure, plunging by 2% as investors were disappointed by lack of additional easing measures from the Fed.

Platinum lost 1.19% on weak quarterly results of world's major producers. On Wednesday, Zimplats reported a 52% decline in operating profit in Q2.

Palladium followed base metals, tumbling by 1.09%. Dismal manufacturing data releases from the US, China and EU pressurized the metal's price.

 

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