Silver dips on US budget optimism

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals except for palladium tumbled on Wednesday as hopes that US will manage to avert fiscal cliff continued to weight on the safe-haven assets. Solid US Dollar also added pressure on the commodity group. However, expectations that the BoJ will ease its monetary policy at its meeting due on Thursday restricted the downswing of the precious metals.

Gold reached flesh three and a half month low amid US fiscal budget hopes and risk-off sentiment. Speculation that India may cool physical demand to narrow its current account deficit also weighed on gold prices.

Silver dropped on mixed global equities and firm greenback. However, expected monetary accommodation from the BoJ may support the grey metal.

Platinum fell, tracking weakness in gold and silver prices. However, the precious metal may seek support on a decline in South African supplies to 11-year low that is expected to push platinum market into a deficit of 400,000 troy ounces in 2012.

Palladium was the only gainer on hopes that easing measures in the US and Japan will boost car sales.

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