Gold jumped on short-covering

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rebounded on Wednesday amid short-covering and buying on dips. Broadly weaker US Dollar also added to gains of the commodity group. However, persistent uncertainty over easing measures in the US capped the upswing.

Gold moved higher on stronger demand as traders started to cover short positions. However, market participants remained cautious ahead of key US data  scheduled for release on Thursday.

Silver climbed as concerns over destructive Hurricane Sandy eased. Solid global stocks and weaker greenback also pushed the grey metal higher.

Platinum rallied as labour tensions at the largest South African mines may intensify. Experts fear that recent job cuts by Lonmin are likely to cause another strike between miners and management.

Palladium advanced on better expectations for China's PMI due early on Thursday.

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