Palladium jumps on strong investment demand

Source: Dukascopy Bank SA
Precious metals advanced on Tuesday on hopes the Fed will leave its loose monetary policy unchanged at its meeting on Wednesday. Moreover, weak consumer confidence data sent the US Dollar lower, boosting appeal of the commodity complex to other currency holders.

Gold climbed on soft greenback and signs of strong physical demand from central banks. Gold holdings of Russia and Kazakhstan surged 8.5% and 41% last year.

Silver was the top gainer on signs of strong demand for US silver coins. The US Mint resumed sales of 2013 American Eagle silver coins and sold 1.123 million ounces of silver coins yesterday. Before a temporary suspension, sales of silver coins this month were 84% higher than in December.

Platinum climbed despite a delay in Anglo American Platinum's job cuts because of severe criticism of the government and labour unions.

Palladium rallied on solid investment demand. Holdings in palladium surged to a record high this month. The number of outstanding contracts at the New York Mercantile Exchange soared 76% in the period between the end of August and January 28.
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Wed, 30 Jan 2013 10:20:04 GMT

Zinc moves higher despite rising Australian output

Industrial metals climbed on Tuesday ahead of key economic data releases due on Friday. Weaker US Dollar also provided support. However, a larger-than-expected decline in the US CB consumer confidence as well as increased caution ahead of Fed monetary policy statement capped gains of base metals. Aluminum jumped on speculation that production cuts of Rio Tinto and BHP Billiton will result

Wed, 30 Jan 2013 08:57:40 GMT

Kiwi weakens ahead of RBNZ meeting tomorrow

New Zealand's currency declined versus all the major peers before the monetary policy meeting of the nation's central bank tomorrow. The New Zealand Dollar weakened as much as 0.4% to 83.59 U.S. cents at 4:39 p.m. Sydney time after strengthening 0.7% yesterday. The Aussie fell 0.1% to $1.0468 after a 0.6% advance. 

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