Gold jumps after US fiscal deal

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Source: Dukascopy Bank SA
Precious metals rallied on Wednesday alongside with risk-assets after the US House of Representatives agreed on the budget for 2013, avoiding so-called fiscal cliff. The commodity group also found strong support on speculation that central banks across the globe will continue stimulus measures to boost  their economies.

Gold followed riskier assets, jumping on encouraging news from the US. Moreover, investors are positive on the yellow metal as easing measures around the world are likely to increase the gold's appeal as inflationary hedge.

Silver tracked the yellow metal's gains, climbing 3.38%. Silver was additionally supported by strong global equities. However, a rebound in the US Dollar limited the rally of the grey metal.

Platinum and Palladium started the year in green territory amid optimism that US managed to avoid recession thus increasing industrial demand potential for the metals. Coupled with brighter demand outlook, global supply deficit continued to lift the metals.

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