Palladium inched down despite strong auto sales

Source: Dukascopy Bank SA
Precious metals retreated on Wednesday as markets have already priced in expectations for easing measures by the ECB and Bank of England. Broadly stronger US Dollar added pressure on the commodity group.

Gold depreciated in choppy holiday trade on broadly stronger US Dollar and fading impact of the forthcoming ECB meeting.

Silver declined as traders await US non-farm payrolls data due on Friday. Weaker than expected labour market performance may boost hopes for QE3 hence is likely to  support precious metals.

Platinum followed bearish trend on weaker equities. However, South Africa supply uncertainties limited losses of the metal.

Palladium plunged despite rising vehicle sales in the US. Soft PMI data releases in the beginning of the week continued to weight on the white metal.

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