Silver gained after Italian PM comments

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Source: Dukascopy Bank SA
Precious metals went down on Thursday as weak PMI releases from the Euro Zone pushed the single currency down against the greenback.

Gold was only marginally lower as the yellow metal gained support from increasing buying of Philippines, Ukraine and Mexico's banks that wish to diversify away from the US Dollar the Euro.

Silver was the only gainer due to rebound of the global equities after Italian PM raised hopes that Greece will stay within the single currency union.

Platinum dropped despite supply disruption from Mimosa Mines and Impala Platinum. Mimosa Mines reported that it will lose about 75,000 tons of platinum ore because of fire while tensions between labour unions forced Impala Platinum to halt its operations at Rustenburg's mine.

Palladium was the top-loser because of dismal manufacturing data releases from Europe. However, rising Switzerland's platinum imports limited the downswing.

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