Silver jumps despite weakening investment demand

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Source: Dukascopy Bank SA
Precious metals except for palladium rebounded on Tuesday after bigger-than-expected drop in China's inflation rate sparked speculation that the country has a room to ease its monetary policy. Moreover, broadly softer US Dollar lent support to the commodity group.

Gold traded near an one-week high amid hopes stimulus measures across the globe will continue. At the same time, a recent drop in gold-backed ETPs holdings capped gains.

Silver surged, tracking a jump in gold prices and weakness in the US Dollar. However, the grey metal remained under a heavy pressure as holdings in silver-backed ETPs dropped 26 tonnes this month compared to inflows of 734 tonnes in the first quarter of 2013.

Platinum rose on renewed supply concerns. About 500 drill operators at Northam Platinum's Zondereinde mine went on strike to demand an increase in bonuses.

Palladium was the only loser on profit taking after previous rally. On Monday, the precious metal soared after Capital Economics said it expects palladium prices to rise 22% by the end of 2014.
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