Palladium drops on US fiscal worries

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Source: Dukascopy Bank SA
Precious metals were mixed on Friday amid mounting uncertainty over the US fiscal standoff. Meanwhile, technical selling as well as stronger greenback created heavy pressure on the commodity group. Recent positive data releases from the US also sent precious metals lower.

Gold climbed on short-covering after the yellow metal plunged to the lowest mark since August. However, solid greenback and signs of recovery from the US economy capped gains of the precious metal.

Silver inched up, following gold's movement. At the same time, the upside was restricted by weak global equities and firm US Dollar.

Platinum slid as upbeat US economic data indicated that there is less need for additional monetary  stimulus measures. Meanwhile, strong greenback also weighed on the white metal.

Palladium was the top-loser amid lingering concerns over the lack of progress in the budget talks. At the same time, an expected deficit on the market continued to lend support for the metal, pushing it 5.13% higher on a monthly basis.

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