Gold slides on US monetary policy uncertainty

Source: Dukascopy Bank SA
Precious metals except for silver moved lower on Friday on renewed concerns that the Fed may end its growth-boosting activities sooner-than-expected amid upbeat US data. Moreover, worries over political instability in Italy pushed the US Dollar higher, putting additional pressure on the commodity complex.

Gold retreated on signs of weak investment demand and anticipation of a further decline in prices. Assets in the SPDR Gold Trust, the largest gold-backed exchange-traded fund, reached a six-month low, while speculators cut bets on a rise in gold price by 40% in the second half of February.

Silver was the only gainer after the data showed ETF investors added 18 metric tonnes of the grey metal to their holdings in the week ended March 3. Silver holdings attained 20,189 metric tonnes, hovering near the all-time high of 20,362 metric tonnes.

Platinum and Palladium dropped on worries that the Fed may end its bond-purchases. However, better-than-expected vehicle sales in the US last month limited the downswing. Total vehicle sales approached 15.4 million units in February, compared to a forecast of 15.1 million units.
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