Platinum jumps on expected deficit, Fed easing

Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rose on Monday, being supported by broadly weaker greenback and speculation that the Fed will not tighten its ultra-easy monetary policy. However, dismal data from the Eurozone limited losses of the US Dollar thus capping gains of the commodity group. Meanwhile, market players continued to wait for the FOMC statement due on Wednesday.

Gold climbed 0.53% amid mounting hopes for continuation of easing measures in the US. Weaker US Dollar and expectations for better physical demand in India also pushed the yellow metal higher.

Silver advanced on stronger global equities and weaker US Dollar. The grey metal also found support on firmness of the precious metal group.

Platinum was the top-gainer on expected deficit on the market this year due to strikes in South Africa. Softer greenback as well as US stimulus hopes also lifted the white metal.

Palladium was bullish on brighter demand perspectives as loose monetary policy in the US may boost car sales in the country.

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