Precious metals tumled on firmer US Dollar and higher risk aversion

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Source: Dukascopy Bank
Precious metals tumbled on Tuesday amid stronger US Dollar and increased risk-aversion among investors after failure to agree on the Greek debt swap. Investors also await Fed decision on the monetary policy in the US. Physical demand for precious metals remains weak due to Chinese New Year. However, traders from India and Thailand may take advantage of lower prices and increase purchases. Today precious metals are likely to fluctuate on the news from the EU and the US. Gold is expected to trade in a narrow range above USD1,600 per troy ounce.

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