Platinum dropped as supply concerns eased

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals except for silver plunged on Wednesday as global growth fears pushed the US Dollar higher. The IMF reported that crisis in eurozone remained the biggest threat to the world's economy, thus spurring demand for safe-haven greenback.  Meanwhile, market participants anticipated jobless claims data from the US due on Thursday.

Gold sank as solid greenback created heavy pressure on the yellow metal. However, strong physical demand from the global central banks limited the downswing.

Silver was the only gainer despite mixed global equities and strong US Dollar.

Platinum slumped as supply concerns from South Africa eased on absence of fresh news from mining companies operating in the country.

Palladium was the top-loser amid on-going global growth concerns and eurozone's debt woes.  However, hopes that POBC will provide additional stimulus measures may support the precious metals in the next sessions.

 

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Thu, 11 Oct 2012 07:27:06 GMT

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