Palladium rallies on strong investment demand

Source: Dukascopy Bank SA
Precious metals climbed on Thursday on broadly weaker U.S. Dollar. However, the upswing was restricted as better-than-expected US jobs data raised concerns the Fed may scale back its easing programme.

Gold moved higher despite talks that Cyprus may sell EUR400 million of its gold reserves. Adding pressure, holdings of gold-backed ETPs remained at record low. Meanwhile, Goldman Sachs cut its three-month gold price prediction to USD1,530 from USD1,650.

Silver inched up, tracking the yellow metal's strength and weakness in greenback. However, signs of weak investment demand put a lid on silver prices. Holdings in ETPs declined 26 tonnes in the beginning of April.

Platinum gained despite upbeat production data from South Africa. The county's output of platinum group metals soared 66% in February from the same period in 2012, when strikes reduced production at Impala Platinum Ltd.

Palladium bounced off a three-month low amid increasing investment demand and persistent deficit on physical market. According to the latest data, palladium ETPs witnessed net inflows of USD131 million in the first quarter of 2013.
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