Gold dipped as solid US Dollar added pressure

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals moved lower on Monday amid broadly stronger US Dollar and global economic concerns. The IMF lowered its global growth forecast for 2012 and 2013 to 3.3% and 3.6% from 3.5% and 3.9%, respectively. At the same time, rising unrest in South Africa limited losses of the commodity group.

Gold slid on solid greenback. However, growth forecasts' cuts fuelled speculation that central banks all over the world will embark on easing measures. Stimulus measures by the world top economies are likely to push the yellow metal up.

Silver moved in tandem with gold, falling 1.56% amid weak global equities. Dismal news from Asia also added pressure on the white metal.

Platinum retreated despite renewed supply-risk premium. South African local government workers' union stated that it will launch a strike to protest over low salaries and wages.

Palladium shed 0.37% on bleak industrial demand prospects amid global fiscal turmoil.

 

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Tue, 09 Oct 2012 08:30:05 GMT

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