Silver gains on global stimulus hopes

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Source: Dukascopy Bank SA
Precious metals prolonged their rally on Tuesday on hopes that central banks across the globe will provide more stimulus measures to boost economic expansion. The Word Bank lowered its global growth estimate from 3% to 2.4% for 2013, citing slower-than-expected recovery of the developed nations.  However, gains were capped as upbeat US retail sales data sent the greenback higher.

Gold climbed on global easing expectations. The yellow metal rallied for the second-consecutive day after Ben Bernanke said that easy monetary policy is likely to stay in place. Moreover, strong physical demand from China ahead of Lunar New Year holiday added to gains of the precious metal.

Silver added more than one percent on hopes for stimulus measures by the central banks worldwide. Additionally, signs of stronger investment interest in the grey metal also spurred the rally. The latest data indicated that ETP silver holdings surged 4.8 tonnes to a record high of 19,065 metric tonnes.

Platinum and Palladium continued to gain inspiration from strong industrial demand and a deficit on the physical markets. Platinum's deficit may attain 575,000 tonnes this year, the largest deficit since 1990, reported TD Securities.


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