Gold tumbled on rising risk-aversion

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Source: Dukascopy Bank SA
Precious metals tumbled on Thursday amid stronger US Dollar and weaker global equities. Disappointing EU summit also created additional pressure on the commodity group.

Gold declined on rising risk-aversion in the markets as investors doubt in EU leaders ability to resolve debt crisis in the region.

Silver decreased amid softer equities worldwide. Strengthening US Dollar also weighed on the white metal.

Platinum slid on potential supply increase due to improving mining conditions in South Africa.

Palladium was the top-loser as global economic problems are weighting on automobile demand prospects.

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Fri, 29 Jun 2012 14:34:51 GMT

Aluminum plunged despite production cuts

Industry metals, except for zinc, plunged on Thursday on decreasing risk-appetite among traders as the EU summit has not generated clear response to deepening crisis in the single currency union yet.Aluminum was the top-loser despite sharp production falls in Asia and Australia. Alcoa announced large labor force reductions in Australia aimed at cost-cutting in view of weak aluminum prices.Copper inched

Fri, 29 Jun 2012 11:39:25 GMT

China's Industrial Companies Profits decline

Profits of Chinese industrial companies shrank for a second consecutive month in May owing to economic slowdown. According to the National Bureau of Statistics, income declined by 5.3% from 2012 to USD61 billion. It is expected that the Chinese government may introduce measures to foster economic growth by stabilizing international trade and investing in infrastructure development. 

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