Palladium soars on deficit forecasts

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals except for silver moved higher on Thursday amid broadly weaker US Dollar and solid global equities. Optimism over Greek bailout also helped to boost the market sentiment. Meanwhile, trade volumes were light as US market was closed for Thanksgiving Day holiday.

Gold closed slightly higher on physical demand-side support. Central banks  of Kazakhstan, Turkey, Russia and Brazil increased their gold holdings last month. Softer US Dollar also lifted the yellow metal.

Silver dropped as a decline in iShares ETF holdings indicated fading investment interest. Holdings of iShares ETF plunged 61.73 million tonnes to 9818.07 tonnes on Thursday.

Platinum noted some gains, following cues of potential increase in industrial demand amid better-than-expected PMI data from the US, Chin and the Eurozone.

Palladium jumped on hopes for progress in Greek bailout talks. Moreover, an expected deficit on the market this year provided a supply risk premium for the precious metal.

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