Palladium extends rally on bright demand outlook

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Source: Dukascopy Bank SA
Precious metals jumped for the fourth session in a row amid broadly softer US Dollar and weak manufacturing data from the US. Philadelphia region's manufacturing activity unexpectedly contracted in January, boosting hopes for additional stimulus from the Fed. However, upbeat data from the US labour and housing market limited gains of the commodity group.

Gold climbed, being supported by weaker US Dollar. Meanwhile, investors remained cautious ahead of the key China's economic reports due on Friday.

Silver led gains, soaring over 4% this week as the US Mint suspended sales of 2013 American Eagle coins after running out coin stocks due to a surge in investor demand.

Platinum moved higher amid rising concerns that global supplies will tighten further this year. Anglo American Platinum plans to reduce output by 400,000 ounces per year that is 7% of the global production.

Palladium rallied as global deficit on the physical market may widen amid potential increase in global industrial demand for the metal.

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