Platinum inches up on Fed decision, demand hopes

Source: Dukascopy Bank SA
Precious metals apart from palladium advanced on Thursday amid weaker greenback and mounting uncertainty over Cyprus bailout. Moreover, the Fed's decision to keep its policy loose continued to lift the commodity complex.

Gold traded higher as worries that the Eurozone's debt crisis may deepen boosted safe-haven appeal of the yellow metal. However, signs of weak physical demand weighed on gold prices. US Mint sold 36,500 ounces of gold so far this month. At this pace, gold sales for March may post a 12% year-on-year decline.

Silver rallied despite signs that China's demand weakened in February after peaking up in January. According to the latest data, China's silver imports dropped to a four-year low in February.

Platinum edged higher amid ideas that car demand may strengthen in the US as the Fed left its easy monetary policy unchanged.

Palladium was the only loser on profit-taking after previous rally. Palladium advanced more than 3% on Wednesday on combination of bright industrial demand perspectives and persistent deficit on the physical market.
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