Precious metals tumbled on the negative economic outlook

Note: This section contains information in English only.
Source: Dukascopy Bank
Precious metals moved down on Tuesday amid appreciating US Dollar and lingering concerns over the Euro Zone debt crisis. Weaker equities also added to losses. Traders switched from commodities to the greenback as risk appetite was dampened after negative economic data. Moreover, the OECD reported lower than expected inflation rate that created pressure on traditional inflation hedges. Moreover, the commodity group continued to be impacted by the downgrade of the China's GDP target for this year. However, the downward move may be limited as long-term outlook remains bullish with increased buying by the large gold and silver backed funds. Platinum and palladium also may seek support from improved automobile sales.

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