Platinum drops despite robust investment demand

Source: Dukascopy Bank SA
Precious metals apart from palladium moved lower on Tuesday amid weaker US Dollar and fading support from instability in Cyprus. Meanwhile, speculation that US economic recovery will mean an end to the Fed easing measures weighed on the commodity sector.

Gold was bearish as Cyprus bailout deal continued to dampen safe-haven appeal of the precious metal. Sending the yellow metal lower, Dallas Fed President Richard Fisher stated that he would like to reduce mortgage-backed security buying plan as US economy is recovering.

Silver swung to losses amid a decline in China's imports and weak gold prices. At the same time, strong investment demand lent support to the grey metal.

Platinum sagged 0.66% despite robust investment demand. On Monday, platinum holdings in ETF reached a record of 1,664,400 ounces.

Palladium was the only gainer amid mixed US data and soft greenback. The metal continued to draw strength from improved market sentiment after Cyprus reached a bailout deal with international lenders. Moreover, a deficit on the physical market is supportive for the metal.
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