Platinum dropped amid easing supply concerns

Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals extended losses on Monday as solid US Dollar continued to weight on the commodity group. At the same time, hopes that the BoJ will introduce more monetary incentives at its policy meeting on October 30 were supportive for precious metals.

Gold traded in a narrow range, balancing between persistent appreciation in greenback and speculation that the BoJ will embark on easing measures.

Silver moved in sync with gold, losing 0.99%. Mixed global equities and high risk-aversion pressurized the white metal's price.

Platinum sank as concerns over supply disruption in South Africa eased. Atlatsa Resources and Anglo American are considering rehiring workers that were dismissed during strikes.

Palladium was the top-loser during risk-off trading as worries over instability in Spain and Greece mounted. Moreover, weak automobile sales in the eurozone continued to dampen industrial demand prospects for the precious metal.

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