Silver slides despite robust China's demand

Source: Dukascopy Bank SA
Precious metals dived on Monday on concerns that the Fed may end its bond-buying activities amid signs of economic recovery. At the same time, hopes for monetary stimulus in Japan and the Eurozone supported the commodity complex.

Gold traded lower as investors cut their holdings in ETPs by the most since 2008 in February. However, strong physical demand from central banks across the globe continued to limit losses. Also supporting gold prices, Indian government unexpectedly refrained from rising import duty on precious metals last month.

Silver slumped despite signs of robust demand in China. China's silver imports rose by annualized 36% in January, the largest increase since May 2010, according to Barclays. Meanwhile, weakness in gold prices put heavy pressure on the grey metal.

Platinum and Palladium slumped amid mixed China's imports data. The country's imports of platinum surged 12% year on year in January, while palladium purchases slid 19% year on year. However, on a monthly basis palladium imports grew 49% in January. Furthermore, palladium may seek support from a 46% annual increase in car sales in China.
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Tue, 05 Mar 2013 08:08:03 GMT

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