Gold rallied on US easing hopes

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Source: Dukascopy Bank SA
Precious metals rallied on Tuesday as safe-haven appeal of the commodity group increased after Spanish costs of borrowing neared 7% and Fitch downgraded 18 Spain's banks.

Gold gained 0.81% as hopes for easing measures from the Fed rose. Charles Evans, Fed official, said that he would back up additional easing to support US labour market.

Silver was the top-gainer amid stronger global equities and weaker US Dollar.

Platinum rose on rising risk-aversion amid fiscal instability in the Eurozone. However, potential increase in supplies as South African government formed special group to address problems related to platinum production limited the gains.

Palladium added 0.44% on better demand prospect and expected tight supplies over the next four years.

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Wed, 13 Jun 2012 14:42:42 GMT

Aluminum dropped on record China's production

Industry metals tumbled on Tuesday on lingering concerns over the Eurozone's economy after Spanish 10-year bond yields moved closer to 7%, level considered to be unsustainable. Aluminum extended losses as China's aluminum production approached record high level even despite capacity reduction in Henan province. Copper lost 0.34% after disappointing manufacturing data from the UK. UK's manufacturing output dropped by 0.7%

Wed, 13 Jun 2012 17:39:42 GMT

South Korea's unemployment drops to 3.2%

South Korea's jobless rate reached its bottom in four months due to the continued recruitment boost in the service segment. According to Statistics Korea, the country's unemployment in May fell to 3.2% in contrast to the previous month's 3.4%. However, Ronald Man, HSBC Holding PLC's analyst, stated that as Korean manufactures are becoming more restrained, this could negatively impact the production output, and, consequently, weaken

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