Silver gained despite greenback's pressure

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals were mixed on Wednesday, with silver and platinum advancing and gold and palladium slumping. Broadly stronger US Dollar and pessimistic Fed officials' comments on QE3 created heavy selling pressure on the commodity group.

Gold hovered near two-week low after some of the Fed officials doubted the success of the QE3. However, the downswing was capped by strong demand from central banks across the globe.

Silver was the top-gainer despite weak global equities and solid greenback. The white metal found support on rising holdings of the largest silver-backed funds. Holdings in iShares Silver Trust climbed 0.3% on Wednesday.

Platinum extended gains amid persistent South African supply concerns. Market participants continued to eye developments over Anglo American Platinum that may face labour unrest.

Palladium plunged 1.28% amid escalated global growth concerns fuelled by uncertainty over austerity measures in Greece and Spain.

 

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