Gold lost momentum on the ECB inaction

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Source: Dukascopy Bank SA
Precious metals rallied on Wednesday after Fed officials announced that impact of the Eurozone's debt crisis on the US economy mounts and there is a room for additional monetary stimulus. However, inaction of the ECB pared gains of the commodity group.

Gold lost momentum after the ECB announced it will stick to the current monetary policy despite deteriorating situation in the Eurozone.

Silver was the top-gainer, rallying by more than 3% over the day. The white metal was supported by the US Dollar weakness and surging global equities.

Platinum extended previous gains amid fall in South African platinum output.

Palladium continued its upward trend as demand prospects are bright due to expected rise in car sales in the next four years.

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