Silver soars as US Mint runs out of 2013 silver coins

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals except for palladium advanced in quiet Monday's trading as US markets were closed for the Martin Luther King Jr. holiday. The commodity group prolonged its rally on expectations that the BoJ will ease its monetary policy further at its meeting on Tuesday.

Gold rose on hopes for easing in Japan. However, the upswing was limited by potential fall in demand from India, the world's top gold buyer. India raised the gold tax to 6% from 4% to reduce a record current account deficit.

Silver jumped on expectations for additional monetary stimulus in Japan and soft greenback. Sending the grey metal higher, the US Mint run out of 2013 American Eagle silver coins and is likely to resume sales only on January 28.

Platinum moved higher despite an increase in India's import duty on the metal to 6% from 4%. The precious metal drew strength from expectations that deficit on the physical markets will widen after Anglo American Platinum cut its production target by 400,000 ounces per year.

Palladium was the only loser despite brighter demand prospects and persistent deficit on the physical markets. Weaker US Dollar also failed to buoy the metal.
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Tue, 22 Jan 2013 09:44:05 GMT

Chinese equities edge lower on Tuesday

Chinese shares retreated after rallying to their eight-month high. The Shanghai Composite Index slid 0.7% to 2,312.23. The shares that slid the most were those of consumer staples group, whereas banks edged higher. Citic Bank advanced 3.1% to 4.68 yuan, while Singapore's Oversea-Chinese Banking Corp. soared 6.5% to 11.51 yuan.

Tue, 22 Jan 2013 09:11:13 GMT

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