Platinum soars on strong investment demand

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Source: Dukascopy Bank SA
Precious metals rallied on Tuesday after the BoJ announced an open-ended asset purchasing program and raised its inflation target by 2%. Sending the commodity group higher the US Dollar depreciated further on weak data from US real estate and manufacturing sectors.

Gold advanced after the BoJ unveiled its stimulus measures. However, the gains were capped by an increase in gold's import duty in India from 4% to 6% and rising uncertainty over the US debt ceiling debates. On Wednesday, US lawmakers are due to vote on temporary suspension of the current debt ceiling until May 19.

Silver jumped, following the yellow metal's suit. Silver continued to gain inspiration from a temporary suspension of 2013 American Eagle silver coins sales as the US Mint run out of stock.

Platinum was the top-gainer on signs of improving investment demand. ETP holdings added 0.4% to reach a record of 54.17 metric tonnes on Tuesday. Global supply shortage also contributed to the rally.

Palladium surged after Citi Bank upgraded its long-term palladium price forecast by 13.3% to USD680 per ounce, citing South African supply disruptions.
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