Platinum dips as South African supply concerns ease

Source: Dukascopy Bank SA
Precious metals plunged on Wednesday amid profit taking after Tuesday's rally. On Tuesday, precious metals were lifted by dovish comments of the Fed Chairman Ben Bernanke. Meanwhile, broadly weaker US Dollar despite positive US data limited losses of the commodity complex in Wednesday's session.

Gold dropped on signs of weakening investment demand. Holdings in ETPs backed by the yellow metal declined to a five-month low on Wednesday and are expected to slump 4% in February, posting the biggest decline in almost five years.

Silver slid, following the yellow metal's trend as investors have already priced in expectations that the Fed will stick to its loose policy. Meanwhile, the grey metal pared losses due to strong silver jewelry demand.

Platinum traded close to a seven-week low as supply concerns in South Africa eased. The Association of Mineworkers and Construction Union signed an accord to keep stability in the county's mining industry.

Palladium posted the smallest loss in the commodity group as persistent deficit on the physical market as well as signs of robust car demand continued to lend support to the precious metal.
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