Silver flat ahead of FOMC meeting

Source: Dukascopy Bank SA
Precious metals were flat on Monday ahead of two-day long FOMC meeting that starts on Tuesday. Broadly stronger US Dollar and eased concerns over political situation in Greece continued to weight on the commodity group.

Gold was almost unchanged, lacking clear direction amid mixed signs from the Eurozone and US. Meanwhile, holdings of the SPDR Gold Trust rose by 0.33% over the day.

Silver was flat ahead of FOMC meeting that may result in monetary easing in the US. At the same time, Spanish yields that soared above 7% limited gains of the white metal.

Platinum eased down on potential supply increase as South African government and businesses started to collaborate closer to assist platinum industry that suffers from low prices, labour disputes and high costs.

Palladium was the top-gainer on speculation that US may receive fresh liquidity boost after FOMC meeting.

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