Gold gains despite growth estimate cut, solid USD

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rallied on Thursday despite disappointing news from the Eurozone. The ECB President Mario Draghi said that the region's economy is likely to shrink about 0.5% in 2012 compared to a previous forecast of a 0.4% contraction. Moreover, solid greenback coupled with larger-than-expected decline in the US jobless claims last week added pressure on the commodity group.

Gold moved higher despite positive data from the US economy and stronger greenback. The yellow metal found support on a potential shutdown of gold operations in Ivory Coast as the government plans to increase  tax from 9% to 19%.

Silver climbed on rising global equities and overall strength of the commodity group. However, firm US Dollar capped gains of the grey metal.

Platinum and Palladium rose on expected deficit on the market this year due to strikes in South Africa and lower sales in Russia. Meanwhile, market players continued to eye developments across looming fiscal cliff in the US.

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Fri, 07 Dec 2012 10:07:40 GMT

Aluminum slumps on elevated LME inventories

Industrial metals dropped on Thursday amid Eurozone's woes. The ECB lowered its outlook on the Eurozone's economy, citing weak consumer and investor confidence. Limiting the downswing, Chinese demand is likely to recover. The China's government announced that it will stick to the current policies but is ready to make adjustments if necessary.  Aluminum slid despite brighter demand perspectives in China.

Fri, 07 Dec 2012 10:52:50 GMT

Oil rises on speculation China's factory output grew at the fastest pace since March

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