Silver declines after FOMC meeting minutes

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Source: Dukascopy Bank SA
Precious metals plunged on Wednesday after closely-watched FOMC meeting minutes showed that the Fed may ease or outright stop its bond-purchasing program before initially planned. Pushing the commodity complex lower, the US Dollar skyrocketed after the FOMC report. Meanwhile, market players continued to wait for fresh US data that may result in the Fed's policy changes.

Gold plummeted on escalated concerns that the Fed may stop its bond-purchasing activities. However, hopes for robust physical demand from Asia after the Lunar New Year holidays limited a downward trend.

Silver plunged, following gold's losses and appreciation in the US Dollar. Worries that the Fed may end its easing measures also pressurized the grey metal. At the same time, losses were capped by speculation lower prices may spur physical demand for silver.

Platinum and Palladium tumbled amid concerns the Fed may stop its accommodative policy. Moreover, lack of funds' buying created heavy selling pressure on the metals. However, deficit on the physical markets and signs of rising car demand continued to support the metals.
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