Silver jumps after Cyprus bailout deal

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals were mixed after Cyprus secured EUR10 billion bailout from the EU and the IMF. Cyprus bank deal sparked a rally in growth-sensitive assets and weighed on safe-havens. Adding pressure on the commodity sector, the US Dollar rose against its major counterparts.

Gold approached a one-week low as an agreement on Cyprus bailout dampened safe-haven appeal of the yellow metal. Meanwhile strong Indian demand limited losses of the commodity. Gold consumption in India is expected to reach 865 metric tonnes to 960 metric tonnes compared to 864.2 metric tonnes last year.

Silver rallied despite weakness in gold prices. The grey metal found support on talks that Asian silver jewelry demand will continue to grow this year. However, a recent drop in China's silver import capped some gains of the precious metal.

Platinum edged higher on signs of strong investment demand. Platinum ETF holdings climbed slightly less than 0.1% on Monday to hover near a record high of 1,664,400 ounces.

Palladium declined despite continuous concerns over global deficit and hopes for robust car demand in the US and China.
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