Platinum fell as South African strikes ended

Source: Dukascopy Bank SA
Precious metals tumbled on Thursday despite broadly weaker US Dollar and global supply worries. However, an unexpected increase in the US jobless claims last week fuelled speculation that the Fed will continue stimulus measures, thus limiting the downswing.

Gold dropped amid global demand concerns. The yellow metal came under heavy pressure after the World Gold Council reported that world's demand for gold plunged 11% in Q3 on an annual basis.

Silver edged lower on soft global equities and weakness in gold prices. Meanwhile, slight depreciation in greenback offset some losses in the grey metal.

Platinum sank after reports that two-month strike in South Africa neared the end. However, signs that global market is likely to swing to deficit this year restricted the downside movement of the precious metal.

Palladium declined amid global growth fears. Weak data from the US and the eurozone spurred concerns over global car demand, thus weighting on the metal's price.

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