Platinum slides on solid greenback

Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals apart from platinum climbed on Thursday despite stronger US Dollar. Weak CB consumer confidence figure for December coupled with renewed concerns over US fiscal cliff increased safe-haven appeal of precious metals. However, larger-than-expected drop in the US unemployment claims capped gains of the commodity group.

Gold moved higher after Senate Majority Leader Harry Reid said that January 1 may come without agreement on the US fiscal policy. However, positive US employment data as well as a rebound in the US Dollar limited the upswing.

Silver advanced amid mixed global equities and rising uncertainty over US fiscal dispute. Strength in gold prices also helped to lift the grey metal.

Platinum was the only loser as solid greenback and US fiscal worries weighted on industrial demand prospects for the precious metal.

Palladium advanced the most in the commodity group as deficit on the physical market may be exacerbated by strong autocatalyst demand potential.

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