Platinum climbs but fiscal cliff concerns cap gains

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals were mixed on Friday amid broadly weaker greenback and positive PMI releases from the US and China. Meanwhile, market participants continued to monitor talks among US lawmakers to avert fiscal cliff. Investors also continued to await Japan's election results and the BoJ statement  due on Thursday.

Gold ended the week on the negative note on mounting uncertainty over the US fiscal talks. However, the yellow metal may seek support on expected increase in China's demand. China's demand for gold is likely to exceed India's this year, reaching 869 tonnes.

Silver dropped amid mixed global equities and soft greenback. The grey metal came under additional pressure on softening industrial demand throughout 2012. Meanwhile, ETP outflows approached 200 tonnes, indicating weaker investor interest in silver.

Platinum and Palladium advanced on brighter industrial demand prospects amid signs of a manufacturing activity rebound in China and the US. Moreover, expected deficit on the market this year added to gains of the metals.

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