Palladium gains on deficit forecasts

Source: Dukascopy Bank SA
Precious metals except for palladium declined amid lingering concerns over the US fiscal cliff and lack of details about recently agreed Greek bailout plan. Moreover, expiration of December contract that expired on Wednesday also added to losses of the commodity group. However, slightly weaker US Dollar prevented further decline in precious metals prices.

Gold slumped on heavy selling volume ahead of the December contract expiration. At the same time, softer greenback and hopes for better demand from India limited losses of the yellow metal.

Silver slid on mixed global equities and uncertainty over US fiscal cliff and Greek bailout terms.

Platinum retreated, following the gold's suit. The precious metal was also a subject to a notable pressure amid escalated worries over the US economy and lack of data on Greek bailout terms.

Palladium advanced, being the only gainer for the second consecutive session as global deficit concerns continued to lend support for the metal.
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