Precious metals rallied on positive PMI releases

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Source: Dukascopy Bank
Precious metals rallied on Thursday amid positive economic data releases and stronger demand. Large investors increased their gold and silver holdings on the dip buying as well as central banks of Sweden, Kazakhstan and Belarus raised their gold reserves. Coupled with this is that persistent geopolitical tensions and eased hopes on the stable economic recovery provided a spree for precious metals. Moreover, growing inflationary pressure stimulated demand for uncertainty hedges. However, the upswing is likely to be limited due to strengthening US Dollar. Gold's appreciation was the major driver for the precious metals pack. At the same time, silver and palladium drew some strength from the better than expected PMI releases worldwide.

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