Gold hits three-week low as US economy improves

Source: Dukascopy Bank SA
Precious metals retreated on Tuesday as broadly stronger US Dollar amid dismal Eurozone's data releases pushed the commodity group lower. Moreover, easing worries over Cyprus bailout dampened safe haven appeal of precious metals.

Gold approached a three-week low amid signs of improvement in the US economy. Strength in the US Dollar and soft investment demand also weighed on the yellow metal.

Silver was the top-loser on concerns over falling China's imports. China silver imports dropped the most in two years in February. Meanwhile, large speculators cut their bets on price increase by 77% in the week ended March 26.

Platinum dived on talks that the newly appointed Lonmin's CEO Ben Magara is struggling to improve platinum output after a six-week strike. However, the downswing was limited due to a deficit on the physical market.

Palladium declined despite positive automobile sales numbers in the US. Total vehicle sales remained near a five-year high of 15.5 million units last month. However, weak Eurozone's figures dragged the precious metal lower.
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