Silver jumped on hopes for easing in the US

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Source: Dukascopy Bank SA
Precious metals prolonged rally on Thursday amid hopes for QE3 in the US. However, the upswing was capped after the Fed official, James Bullard, reported that recent FOMC minutes were out of date and the economic situation in the US since improved.

Gold rose by almost 1% on speculation that the US and China will loosen their monetary policies soon. However, upbeat data from the US property market weighted down on hopes for easing, thus pressurizing the yellow metal's price.

Silver advanced by 2.48% amid weak US Dollar and hopes for easing in the US. Silver also was lifted by strength of the industrial metals.

Platinum was slightly higher as supply-risk premium decreased after violence at Lonmin's mine eased.

Palladium was the top-performer despite sharp fall in profits of the world largest producers. Impala Platinum reported a 37% decline in net profit during the year ending June 2012 amid lower production level.

 

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Fri, 24 Aug 2012 10:08:56 GMT

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