Palladium tumbled on global growth concerns

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Source: Dukascopy Bank SA
Precious metals fell on Friday despite mounting hopes that global central banks will loosen their monetary policies further. Even weaker US Dollar failed to support the commodity group.

Gold dropped by 0.74% despite potential increase in inflation amid global easing measures. Meanwhile, hedge funds raised their positions in the yellow metal to the most bullish in more than a year.

Silver slumped ahead of the key China's numbers that were due during the weekend. Broadly lower US Dollar and mixed global equities failed to lift the white metal.

Platinum fell despite lower global production as recent strikes at South African mines weighted down on output. Anglo American Platinum, the world's top platinum producer, reported a 67,000 ounce drop in output due to illegal strikes.

Palladium was the top-loser amid on-going global growth concerns. However, speculation that central banks across the globe will provide more stimulus measures may support the metal in the next sessions.

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