Gold soared on US stimulus speculation

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rallied on Tuesday amid bullish sentiment on the US election day. Speculation that the US will embark on additional stimulus measures regardless of the winner in presidential election pushed precious metals higher. Moreover, slightly weaker US Dollar added to gains of the commodity group.

Gold soared the most in seven weeks on hopes that US will ease its monetary policy further to spur economic expansion.

Silver surged on a rally in global equities and commodities. The grey metal also drew strength from weaker greenback.

Platinum recovered previous losses amid US presidential elections and mounting supply concerns in South Africa. South Africa's mining industry is likely to witness a sharp fall in exports due to strikes at platinum mines.

Palladium jumped on encouraging quarterly results of the world's largest automakers and weaker US Dollar.
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