Silver tumbled on lack of ETF buying

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Source: Dukascopy Bank
Precious metals were mixed in choppy Monday trade, being impacted by softer US Dollar and steady global equities.

Gold balanced between inspiring personal income data from the US and price downgrade by HSBC. Personal income in the US rose by 0.4% in March, beating forecasts of a 0.3% gain while HSBC cut its average gold price forecast for 2012 from USD1,850 per ounce to USD1,760 per ounce.

Silver was the top-loser despite some support lent by industrial metals. The white metal continued to face strong downward pressure from lack of the ETF buying and elevating inventories at CME warehouses.

Platinum and palladium were mixed as palladium managed to climb by 0.21% due to better performance of the auto industry worldwide whereas platinum lost 0.33% after Aquarius Platinum reported a net loss of USD9.4 million in Q1 of 2012.


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Tue, 01 May 2012 11:21:46 GMT

Aluminum draws strength from rising energy costs

Industry metals closed mixed on Monday after staedy China's manufacturing PMI data that indicated  a rise  to 53.3, missing expectations of an increase to 53.6.Aluminum gained 0.52 due to robust demand from Asia and persistently growing smelting costs as energy prices continue to soar.Copper retreated from previous sessions' highs as more negative fiscal outlook on Spain and steady expansion of

Tue, 01 May 2012 10:48:15 GMT

HSBC cut gold price forecast for 2012 to USD1,760 per ounce

HSBC reduced its average gold price forecast for 2012 and 2013, citing the weakness of India's jewelry sector and fading hopes for the third round of quantitative easing in the US. The bank projects the gold price to average near 1,760 US Dollars per troy ounce in 2012 and near 1,775 US Dollars per troy ounce in 2013 as compared

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