Silver slumps on solid greenback, Fed comments

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Source: Dukascopy Bank SA
Precious metals swung to losses on Thursday as investors focused on upcoming debates over lifting US debt ceiling. Fed comments also weighted. The Fed minutes indicated several officials consider it is appropriate to slow or even end Fed's USD85 billion monthly bond-purchasing program.

Gold slid on lingering concerns that the Fed may stop its bond-purchasing plan this year. Moreover, worries over a likely debate over US debt ceiling as well as strong US Dollar pushed the yellow metal lower.

Silver was the top-loser on gold's weakness and softness of the global equities. Moreover, solid greenback added pressure on the grey metal.

Platinum dropped on Fed comments and firm greenback. However, the metal may seek support from expected increase in consumption as well as from deficit on the market after strikes in South Africa.

Palladium tumbled on worries that the Fed may end its asset-purchasing plan this year. However,  the decline was limited after the data showed US car sales attained a five-year high in 2012, indicating strong demand potential for the metal.

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