Silver moves higher on weak US Dollar

Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals climbed in post-holiday session, being boosted by weaker US Dollar. However, safe-haven appeal of the commodity group was dampened by mounting hopes that US lawmakers will manage to avert so-called fiscal cliff. US President Barack Obama is expected to return to Washington on Thursday to participate in fiscal talks.

Gold added 0.10% despite softer demand for safe-haven assets amid optimism over US budget agreement. The yellow metal found support on weaker greenback and strong demand from central banks.

Silver jumped after the US Dollar index, which monitors greenback's performance against a set of six major currencies, slid 0.3%. However, mixed global equities as well as US fiscal hopes capped gains of the grey metal.

Platinum and Palladium rose as US fiscal dispute resolution may spur industrial demand prospects for the metals. Additionally, global deficit concerns continued to lend support for platinum palladium prices.

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