Palladium slid on poor producers' results in Q2

Source: Dukascopy Bank SA
Precious metals except for palladium moved higher on Thursday despite broadly stronger greenback. The commodity group remained supported after China's CPI data indicated easing inflationary pressure in the country. Currently, investors await fresh easing measures from the ECB and PBOC.

Gold climbed despite weakening physical demand from India and fading hopes for QE3 in the US after optimistic labour market and trade balance figures.

Silver was the top-gainer amid mixed equities and expectations for additional monetary stimulus in the Eurozone and China.

Platinum inched up on signs of recovering platinum industry in South Africa. In June, South African output of platinum group metals rose by 4.8%; a restart of production at the biggest mine after strikes may have resulted in an output increase.

Palladium was the only loser as world's top producers continued to report disappointing quarterly results, dragging palladium prices down. On Thursday, North American Palladium announced a 21% decline in revenues in Q2.

 

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