Silver climbed on increased ETF buying

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Source: Dukascopy Bank
Precious metals were mixed on Friday amid broadly stronger US Dollar despite disappointing US labour market data. Meanwhile, traders were cautious ahead of key elections in Greece and France.

Gold rallied as dismal US job data revived hopes for more accommodative policies from the Fed.

Silver was the top-gainer despite slump of the global equities and weak services sector performance in the Euro Zone last month. The white metal gained some support from increased ETF buying interest.

Platinum continued to fall amid oversupply in the market. In 2011, platinum supply approached 7.97 million ounces while demand stood at 7.23 million ounces.

Palladium dropped despite IBTimes report on the expected palladium deficit in the market this year. However, the gross deficit narrowed by almost 50% to 313,000 ounces in 2011.

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Mon, 07 May 2012 14:01:04 GMT

Aluminum dropped amid growth concerns

Industry metals were impacted by the global growth worries after disappointing services PMI releases as well as sluggish recovery of the US labour market.Aluminum was the top loser amid broadly stronger greenback and weaker world's equities. However, the light metal may seek support in the improved spot demand and higher smelting costs.Copper dropped by 0.66% as spot demand remained weak

Mon, 07 May 2012 07:50:02 GMT

Australian retail sales increased more than expected in April

Australian retail sales surged more than expected in April, according to Australian Bureau of Statistics. Retail sales in the country soared by 0.9% on a seasonally adjusted basis as compared to a 0.3% increase in March. Experts predicted the retail sales to appreciate by 0.2% in April.  After the data release, the Australian Dollar was lower against its US counterpart

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