Palladium climbed after ECB press conference

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals surged after the ECB press conference on Thursday. The ECB left the benchmark interest rate unchanged at record low level of 0.75% and agreed on unlimited bond-purchases plan. Moreover, safe-haven appeal of the commodity group escalated after the ECB downgraded Euro area growth forecast for 2012 and 2013.

Gold advanced, following the Euro rally against the US Dollar and ECB decision. However, the upward move was capped by upbeat data from the US labour market.

Silver was the top-performer after the ECB unveiled its bond-purchasing program. Stronger global equities also provided support for the white metal.

Platinum attained a new five-month high despite easing supply concerns as Lonmin managed to sign a deal with all parties, excluding striking workers and AMCU.

Palladium rose on positive outcome of the ECB meeting. Moreover, North American Palladium may face a labour unrest at its Lac des Iles mine.

 

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