Silver dips on weak China's demand, high inventories

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Source: Dukascopy Bank SA
Precious metals plunged on Wednesday as market participants locked in profits after the last week's rally. Moreover, signs of weak investment demand added pressure on the commodity group. However, weakness in the US Dollar and robust car sales in the US were supportive for precious metals.

Gold slid amid soft investment demand. Holdings in ETPs reached 2,437.38 metric tonnes on Wednesday, down 7.4% from a record attained in December. Meanwhile, holdings in SPDR Gold Trust hit the lowest mark since July 2011.

Silver slumped as worries over weakening silver demand in China continued to weigh on the grey metal. China's imports declined the most since 2011 in February. Also weighing on prices, silver inventories monitored by Comex hit the highest level since August 1997.

Platinum and Palladium dropped on disappointing data releases from the US and Europe. However, broadly weaker greenback as well as robust vehicle sales in the US limited losses of the metals. Total vehicle sales stood near a five-year high in February. A deficit on physical market also provided support for platinum group metals.
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