Silver gains on hopes Fed will stick to loose policy

Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rallied on Friday, boosted by mounting speculation that the Fed will stick to its monetary policy despite recent better-than-expected economic data from the US.  At the same time, greenback managed to appreciate against its major counterparts, weighting on the commodity  group.

Gold climbed as market participants bet the Fed would continue its loosening monetary policy as the US economy has not strengthened enough yet. However, the yellow metal traded in a narrow range amid solid greenback and mixed US numbers.

Silver followed gold's trend, adding 0.13%. Hopes that the US monetary policy will remain ultra-loose pushed up the grey metal. At the same time, mixed global equities coupled with firm US Dollar capped gains of the metal.

Platinum and Palladium were the top-performers amid expected supply shortage on the market next year and hopes for continuation of easing in the US.

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