Palladium declined despite expected deficit this year

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals dropped on Friday amid broadly stronger US Dollar and fears over looming US fiscal cliff. Moreover, growing geopolitical tensions in the Middle East prompted traders to turn to more safe-haven assets such as greenback. At the same time, the commodity group continued to draw support from speculation that the Fed will stick to loose monetary policy next year.

Gold extended losses, remaining under heavy selling pressure after the World Gold Council announced that global demand for the yellow metal sank by annualized 11% in Q3.

Silver plunged on mixed global equities and solid greenback. Lingering concerns over tensions in the Middle East also added pressure on the grey metal.

Platinum slumped on news that two-month strikes in South Africa ended. However, recent reports indicating that global market is likely to swing to a deficit this year capped losses of the precious metal.

Palladium fell despite expectations for a supply crunch this year due to lower sales from Russia and South Africa.

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