Palladium surged amid improving vehicle sales

Source: Dukascopy Bank SA
Precious metals were slightly higher on Wednesday despite disappointing FOMC minutes. Fed members were divided on launching more stimulating measures thus implementation of QE3 seems less likely in the next meeting in August.

Gold climbed 0.59% despite inaction of the Fed. The yellow metal found some support on easing measures in the EU and China.

Silver followed the gold's suit, rising by 1.32%. At the same time, softer global equities and stronger US Dollar weighted down on the white metal.

Platinum eased up on speculation that closures of mines in South Africa are likely to lead to bullishness in the platinum market.

Palladium was the top-gainer on better automobile sales across the globe. Even stronger US Dollar and lack of clear decision from the Fed failed to restrict palladium's rally.

 

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