Precious metals modestly higher amid looming Greek debt swap deadline

Source: Dukascopy Bank
Precious metals posted moderate gains on Wednesday on weaker US Dollar and hopes that Greece will manage to agree with private bondholders on the debt swap deal. Moreover, bargain buying also created additional support for the precious metals. However, the fear that Greece may fail to repay its debt timely continued to weight on the commodity pack. Eased inflationary pressure across the globe and strong US data may also push the group lower. Meanwhile, the outlook for precious metals remains bullish with growing demand from gold and silver- backed funds. In addition, improved vehicle sales may lift platinum and palladium. Currently, traders are focused on the exchange rates and developments across the Greek debt restructuring.

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