Palladium sank on global growth concerns

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals slumped on Friday amid positive data releases from the US labour market. US unemployment rate dropped to 7.8% last month while experts predicted the jobless rate to rise to 8.2%. At the same time, broadly weaker greenback limited losses of the commodity group.

Gold started Asian session on the positive note on Friday; however, unexpected rise in the US employment numbers sent the yellow metal lower.

Silver plunged on signs of the US economic recovery. However, strong global equities restricted the downswing of the white metal.

Platinum retreated as persistent strikes in South Africa failed to lift the precious metal. On Friday, Implats fired 12,000 miners amid spreading illegal strikes in South Africa.

Palladium was the top-loser despite improved vehicle sales in the US. Continuous concerns over Asian growth prospects weighted down on the precious metal.

 

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Mon, 08 Oct 2012 11:13:04 GMT

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Mon, 08 Oct 2012 14:32:59 GMT

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