Gold hit 21-month low on Friday

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Source: Dukascopy Bank SA
Precious metals finished last week on the negative note as Wednesday's FOMC minutes raised concerns that the Fed may end its growth-boosting measures sooner-than-expected. However, disappointing numbers from the U.S. economy coupled with weaker greenback limited the downward trend.

Gold closed near a 21-month low amid persistent decline in investment demand. Holdings in ETPs backed by the yellow metal dropped 2,406.16 metric tonnes on Friday to the lowest level since August. Moreover, the possibility of Cyprus selling its gold reserves added pressure on the bullion.

Silver was the top-loser amid weakness in gold prices and soft investment demand. Furthermore, a recent fall in China's silver imports weighed on the grey metal.

Platinum slumped despite renewed supply concerns in South Africa. About 500 workers at Northam Platinum's Zondereinde mine continued their strike despite the Labour Court's interdict.

Palladium dropped on worries that a possible stop of easing programme by the Fed may impact car demand in the world's largest economy.
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Mon, 15 Apr 2013 07:55:03 GMT

Aluminum tumbles on high LME inventories

Industrial metals were bearish on Friday amid weak numbers from the U.S. and China's demand worries. Continuous surplus on physical markets as well as rising LME inventories also pushed the commodity sector lower. However, weaker U.S. Dollar lent some support to base metals. Aluminum plunged despite a slight drop in LME inventories. Stocks at LME warehouses dipped 10,800 tonnes on Thursday

Mon, 15 Apr 2013 07:19:03 GMT

Gold is traded at bear's market

Gold spot price lost 6.2% to $1,483 an ounce last week, what was the biggest slide since December 2011. However, financial institutions, such as hedge funds, added more bullish bets on gold, net long positions increased by 19% in the week ended at 9th of April, as the precious metal market entered a bear's market. Also, investors are affected by Goldman

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