Platinum edges down as supply-side support wanes

Source: Dukascopy Bank SA
Precious metals were mixed on Monday as investors were cautious ahead of another EU Economic Summit due later in the week. Physical demand concerns also weighed. Firm China's CPI stocked worries that the country will refrain from stimulus measures.

Gold ended slightly higher, advancing for third consecutive session on hopes that worsening situation in the Eurozone will boost safe-haven appeal of the yellow metal. Moreover, broadly weaker US Dollar lent support to gold prices.

Silver was flat amid signs of strong physical demand. US demand for silver coins surged by annualized 23% in January, while China's silver imports jumped 36% year on year in January.

Platinum was steady amid eased supply insecurity in South Africa. However, the precious metal was supported by persistent deficit on physical markets.

Palladium declined after disappointing release of China's industrial production data. Market players were concerned that weakness of industrial sector may weigh on car demand thus reducing consumption of the metal used in exhaust-cleansing systems.
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