Palladium rose on brighter prospects

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Source: Dukascopy Bank SA
Precious metals were mostly higher in Tuesday trading despite broadly stronger US Dollar after the US reported faster than expected services sector expansion.

Gold was the only loser as Fed officials claimed that the US economy does not need additional monetary stimulus and dismal data releases last week are likely to indicate short-term weakness.

Silver rose by about 1% amid mixed global equities and solid greenback.  Investors are cautious ahead of the key meetings of the Fed and ECB due on Wednesday.

Platinum followed bullish trend as output from Impala Platinum fell last quarter due to labour unrest at its South African mines.

Palladium rallied on improved outlook as supply is expected to remain tough while demand is likely to soar due to rising car production in the next four years.  

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