Precious metals dropped on Monday amid stronger US Dollar

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Source: Dukascopy Bank
Precious metals tumbled on Monday amid firmer US Dollar and very slow progress over the Greece's debt swap. Weaker equities also created downward pressure on the precious metals' price. Despite slight loss, the yellow metal is likely to jump amid expected monetary easing in the US. Silver holdings at the largest silver backed exchange-traded funds decline while investors claim the white metals may face short-term rally due to strong demand for silver coins in the US. Meanwhile, palladium's price decreased by 0.22%, indicating metal's response to the slower growth of the automobile sales in China.

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