Palladium tumbled despite rising auto sales

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Source: Dukascopy Bank
Precious metals tumbled on Wednesday amid stronger US Dollar against the Euro as the Euro Zone's debt woes continued to weight on the common currency.

Gold started to move closer with riskier assets and fell after disappointing labour data from the both sides of the Atlantic. However, the yellow metal may seek support on the expectations for further monetary easing in the indebted Euro Zone.

Silver tracked weakness of the equities and slowdown of the manufacturing sector in the Euro Zone.

Platinum moved down in tandem with shares of Impala Platinum Holdings Ltd. that lost 1.7%, indicating the first decline in the last three days.

Palladium was impacted by dismal data releases from the world's largest economies. Increase in the US auto sales, which rose by 2.3% in April, failed to limit the downward move of the commodity.

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