Precious metals tumbled on Tuesday after Fed minutes

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Source: Dukascopy Bank
Precious metals tumbled on Tuesday amid fading hopes for new rounds of quantitative easing in the world's largest economies. Fed minutes from the last meeting indicated that stronger economic recovery of the US has put officials off any easing of the current policies. Moreover, today's meetings of the Bank of England and the ECB are not likely to result in new monetary stimulus due to positive signs in the Euro Zone's economy. Gold was the top-loser. The yellow metal came under additional pressure as demand from India remains weak because of recent gold import duty hike. At the same time silver, platinum and palladium found some support on the improved automobile sales in the US and Japan. Platinum was also exposed to the report on an essential net loss of Wesizwe Platinum.

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