Gold slid on profit taking

Source: Dukascopy Bank SA
Precious metals apart from gold advanced on Tuesday amid persistent supply concerns and broadly weaker US Dollar. Disappointing economic data from the Eurozone coupled with political instability in Spain and Italy boosted safe-haven appeal of the commodity complex.

Gold was the only loser as a recent increase in prices spurred profit taking. Meanwhile, signs of strong physical demand from central banks as well as hopes for stimulus measures across the globe continued to support the yellow metal.

Silver rebounded, tracking strong global equities and softer greenback. Moreover, a jump in demand for US 2013 American Eagle silver coins added to gains of the grey metal.

Platinum surged to a 17-week high on persistent worries that global demand will outplace supply after a sharp drop in South African platinum output. Global platinum production is expected to slump 10% this year, according to Johnson Matthey.

Palladium soared as deficit on the physical market may be exacerbated by robust demand from automobile producers.
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Wed, 06 Feb 2013 08:25:59 GMT

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