Platinum dips as investors cut bets for price increase

Source: Dukascopy Bank SA
Precious metals declined amid signs of weakening investment demand. At the same time, precious metals pared losses after the ECB President Mario Draghi said that the monetary policy will remain loose as long as needed. Moreover, disappointing US jobless claims data lent support to the commodity sector.

Gold traded lower as holdings of gold-backed ETPs stood at 2,435.35 metric tonnes on Thursday, down 7.5% on an annual basis. Supporting the yellow metal, central banks across the globe raised their gold holdings over the past few months.

Silver edged down amid rising inventories, weak China's purchases and soft sales in the US. The US Mint reported sales of American Eagle silver coins dropped for the second straight month in March.

Platinum plunged as investors do not expect an increase in prices. In the week ended March 26, money managers cut their bets on rising prices for the sixth consecutive week to 24,375 contracts, the lowest level since November.

Palladium was the top-loser on concerns over industrial demand prospects as car sales in Europe prolonged slump. Total car and light trucks sales in Europe declined for the fifth month in a row in February.
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