Precious metals edged lower amid stonger US Dollar

Source: Dukascopy Bank
Precious metals fell on Friday amid broadly stronger US Dollar after  negative news from the Euro Zone. Moreover, Ben Bernanke's announcement that the second round of quantitative easing in the US is not imminent continued to pressure precious metals' price. However, commodity group was supported by increased buying of the large exchange-traded funds. Gold holdings of the world's largest ETF hit all-times high of 70.76 million ounces. In addition, traders remained bullish about precious metals, increasing their long positions to the half-year high. Palladium and platinum were also exposed to the news that Wallbridge Mining started drilling in three palladium and platinum projects in Canada.

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Mon, 05 Mar 2012 14:44:43 GMT

Industry metals moved down amid weak China's demand

Base metals, excluding zinc, were depressed on Friday by weak China's demand and strong US Dollar. Fluctuating energy prices also added to the volatility of the industry metals pack. Aluminum was the top-loser during the day despite strong demand from South Korea and Japan. Copper continued to balance between record high inventories at the Shanghai Futures Exchange and more than

Mon, 05 Mar 2012 14:02:12 GMT

UK service sector growth slowed in February

British service sector declined in February though the index above 50 showed the economy is expanding. The service Purchasing Managers' Index (PMI) dropped from 56.0 in the first month of the year to 53.8 in February. Nevertheless the service company confidence reached one-year record high amid growing employment across the sector. 

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