Platinum climbed on supply concerns

Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals moved higher on Wednesday as broadly weaker greenback lent support for dollar-priced commodities. However, upbeat numbers from the US housing market coupled with increased cautiousness ahead of the EU summit created pressure on precious metals.

Gold was steady as investors continued to anticipate the results of the EU summit. At the same time, signs of the US economic recovery limited gains of the yellow metal.

Silver rose amid strong global equities and weak greenback. However, strong US data raised concerns over the extent of the easing measures, thus pressurizing the white metal.

Platinum extended previous gains, drawing strength from on-going strikes at South African platinum mines.

Palladium was the top-performer on hopes that industrial demand for the precious metal may rise amid positive signs from the US economy.
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