Precious metals advanced on Monday despite stronger US Dollar

Source: Dukascopy Bank
Precious metals advanced on Monday despite broadly stronger US Dollar. The commodity pack drew strength from the solid performance of the base metals and energy commodities. However, controversial announcements of Fed officials limited the gains. Gold, being the main engine for the group, was also pressured by persistent strikes in India against the gold import duty hike. Moreover, the yellow metal is likely to face weaker demand from China due to three-day holidays. Silver was the top-performer as firmer equities and strong Asian and the US manufacturing data releases bolstered the white metal's price. Palladium and platinum found support on the expected better automobile sales as well as on the inspiring PMI releases.

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Tue, 03 Apr 2012 14:33:22 GMT

Base metals rallied after China's and US PMI releases

Industry metals rallied on Monday after upbeat manufacturing data releases from the US and China. Broadly stronger equities also supported the gains. However, disappointing Euro Zone's unemployment data and stronger US Dollar weighted down on the base metals pack. Aluminium was mainly tracking the economic data releases while zinc continued to face weak spot demand and high inventory levels. Copper

Tue, 03 Apr 2012 16:40:09 GMT

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