Silver plunged on strong greenback

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Source: Dukascopy Bank SA
Precious metals dropped on Friday after rising in the beginning of the week ahead of the ECB key interest rate decision. However, profit booking after benchmark interest rate cut sent the commodity pack lower.

Gold was pressured by strengthening US Dollar and fading stimulus from more accommodative policies of the ECB and PBoC.

Silver slipped on volatile world's equities. Moreover, analysts claim that although US unemployment report was weaker than expected, the data were not so pessimistic to force the Fed to launch QE3.

Platinum price continued to fall, spurring output concerns as producers tend to close mines as price is too low to cover costs.

Palladium declined as recent interest rate cuts were considered as a sign of weak economic state of the top consuming countries.

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