Gold dips despite hopes for strong demand from Asia

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Source: Dukascopy Bank SA
Precious metals apart from palladium retreated on Tuesday as investors cashed out from the market ahead of FOMC meeting minutes due on Wednesday. At the same time, broadly weaker US Dollar and speculation that the Fed is likely to prolong its easing measures restricted the downward trend.

Gold dropped losing a buying spree from increased physical demand from Asia after the Lunar New Year holidays. Meanwhile, market players continued to weigh possibilities that the Fed will stick to its loose policy.

Silver declined the most in the commodity complex amid weakness in gold prices and uncertainty ahead of FOMC minutes release. However, the grey metal may seek support on hopes lower prices will spur physical demand for the precious metal.

Platinum edged lower on easing supply concerns. On Tuesday, Anglo American Platinum stated it resumed operations at its South African mines.

Palladium finished in green territory amid strong investment demand and persistent worries over deficit on the physical markets.
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