Platinum rallies as South African output falls

Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals were mixed on Friday amid broadly stronger US Dollar and hopes for further easing measures in the US as Barack Obama was re-elected for the second term. Meanwhile, fears over the US fiscal cliff as well as uncertainty over Greece created strong pressure on the commodity group.

Gold inched down as solid greenback outweighed speculation that the US will stick to loose monetary policy.

Silver was the top-performer amid slightly stronger global equities and hopes for further stimulus measures in the US. However, weak industrial production numbers from the eurozone capped gains in the grey metal.

Platinum jumped on concerns over tightening global supplies. South African output of platinum group metals tumbled by 17.8% in September due to strikes.

Palladium dropped on bleak world's economic outlook. However, steady vehicle sales in China limited the downswing. Chinese automobile sales advanced by annualized 5.3% last month, rebounding after a fall in September.

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