Gold advances on weak greenback, stimulus hopes

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rallied on Thursday as upbeat US data failed to boost greenback. US GDP expanded by 2.7% in Q3 versus a preliminary reading of 2%, but slower than forecasts of 2.8%. The commodity group was likely to react negatively to encouraging US data as it may scale back expectations for further easing by the Fed. However, recent reports that suggest the Fed still is set to expand bond-purchasing program lifted precious metals pack.

Gold climbed on expectations that the Fed will ease its monetary policy further. The Wall Street Journal reported that the Fed is expected to expand its bond-buying plan at its next-month meeting.

Silver soared on stronger global equities and weak US Dollar. Hopes for additional stimulus measures in the US also spurred the grey metal's rally.

Platinum and Palladium rose on expected deficit on the market next year due to lower output in Russia and South Africa. At the same time, concerns over Greece capped gains of the metals.

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Fri, 30 Nov 2012 08:24:22 GMT

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