Gold soared on soft greenback, record ETF buying

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rallied on Friday amid broadly weaker US Dollar and upbeat German confidence data. German Ifo Institute announced that its business confidence index jumped to 101.4 in November, compared to forecasts of a decline to 99.5. Meanwhile, market players remained focused on the EU finance misters' talks on Greek bailout due to be resumed on Monday.

Gold surged on record ETF buying. ETF holdings attained a record of 2,605.3 metric tonnes, putting strong upward pressure on the yellow metal. Weaker US Dollar coupled with better-than-expected German numbers also lifted gold prices.

Silver advanced amid mixed global equities and soft greenback. The grey metal was supported by the gold's rally and hopes that European finance ministers and the IMF will agree on the next tranche of Greek aid.

Platinum and Palladium jumped on greenback's weakness and brighter industrial demand perspectives after recent positive data releases. Moreover, expectations that global market will witness a deficit this year due to lower supplies in South Africa and Russia pushed platinum and palladium higher.
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