Precious metals tumbled after China's growth target cut

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Source: Dukascopy Bank
Precious metals tumbled on Monday after China announced it has set an eight-year low growth target of 7.5% for 2012. The commodity group started to move closer with riskier assets hence slowdown in the world's second largest economy created strong downward pressure on the precious metals. However, slightly lower US Dollar and increased dip buying limited the losses. Gold was the driver for other precious metals during the day. Palladium and platinum also were pushed down as Impala reported it plans to restart operations at the Rustenburg mine soon. Meanwhile, long-term outlook for these metals remained bullish due to signs of recovery in the US car sales and expected shortage in the market as Russia's stockpiles appear to be nearly exhausted.

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