Palladium was steady after FOMC statement

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals apart from silver moved lower on Wednesday, pressurized by broadly stronger US Dollar. Speaking before German parliament, Mario Draghi warned that the eurozone may face deflation risks. Precious metals, being a traditional inflation hedge, dropped on the ECB president's comments. Meanwhile, the Fed pledged to stick to its loose monetary policy.

Gold extended previous losses on strength in greenback and weakness in energy prices. Upbeat data from the US real estate market also weighted down on the yellow metal.

Silver was the only gainer as global shares rebounded after previous losses. However, the white metal traded in a narrow range amid weak PMI data from the eurozone and rallying US Dollar.

Platinum was the top-loser as supply concerns in South Africa continued to ease. Sylvania Platinum resumed its operations at Mooinooi and Millsell plants.

Palladium was flat after the Fed comments and dismal data releases from the eurozone.
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