Palladium jumped as analysts predict rally in Q4

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Source: Dukascopy Bank SA
Precious metals traded slightly higher on Tuesday amid broadly weaker US Dollar and mixed global equities. The commodity group was supported by widely anticipated monetary stimulus from the BoJ. However, investors were disappointed as the BoJ may have embarked on more aggressive measures.

Gold was flat amid uncertainty over easing measures in the US and rising gold holdings in central banks across the globe.

Silver was unchanged, balancing between mixed global equities and weaker greenback. Meanwhile, the I-share silver holding dropped to 9,894.58 tons from 9,920.18 tons last week.

Platinum was the top-gainer as a recent slump in prices prompted dip buying. Broadly softer greenback also pushed the metal higher.

Palladium rallied on promising price forecasts. Analysts expect the precious metal price to average at USD800 per ounce next quarter, up 34% from the current price.

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