Precious metals strongly backed up by softer US Dollar - News - Dukascopy Bank

Fri, 27 Jan 2012 13:17:51 GMT
Source: Dukascopy Bank
 
© Scanpix/Reuters
Precious metals, except for palladium, advanced on Tuesday amid softer US Dollar and expectations of further quantitative easing in the US. Gold managed to surpass USD 1,700 per ounce for the first time in the last seven weeks. Silver and platinum also followed the yellow metal's suit and rallied for second consecutive day.  Precious metals' holdings of silver and gold-backed exchange traded funds remained almost unchanged. Precious metals are expected to continue rallying on the weakening US Dollar after poor labour and real estate data from the US.


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