Platinum dropped despite GM announcement

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Source: Dukascopy Bank
Precious metals opened higher on Tuesday but did not manage to sustain the rally as positive manufacturing data from the US revived the  greenback. US ISM index indicated factory activity expanded to 54.8 in April sending the US Dollar index higher by 0.11%.

Gold ended the day marginally lower amid stronger global equities and diminishing ETF buying interest. The yellow metal continued to be affected by recent HSBC price forecast cut for 2012 from USD1,850 to USD1,760 per ounce.

Silver followed gold's trend despite upbeat US manufacturing data and supporting rally of the world's stocks.

Platinum and palladium moved down, confronting expectations for increase as General Motors upgraded auto sales forecast for 2012. Positive PMI releases also failed to bolster platinum group metals.

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