Gold tumbled amid stronger US Dollar

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Source: Dukascopy Bank
Precious metals were weak on Thursday amid broadly softer equities and stronger US Dollar. Fading hopes for more accommodative policies from the ECB also pressured the commodity group.

Gold tumbled after US reported on the record weekly drop in the jobless claims thus decreasing hopes for the next round of quantitative easing in the US.

Silver was the top-loser along with weak global equities while lack of clear actions of the ECB also weighted.

Platinum and palladium both fell as markets registered the largest surplus in five years in 2011 due to sales of Russian platinum inventories and Euro Zone's debt crisis. However, growing demand from auto industry may lift the metals in medium-term.

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