Gold jumps on soft greenback, China's demand

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Source: Dukascopy Bank SA
Precious metals started the week on the positive note as persistent concerns about US debt ceiling talks sent US Dollar lower. Moreover, speculation that the Fed will make no changes to its easy monetary policy boosted the commodity group. Bright physical demand perspectives also supported precious metals.

Gold climbed on weaker greenback after US Treasury Secretary Timothy F. Geithner said a failure to raise the debt ceiling may "impose severe economic hardship". Strong China's demand ahead of the festival season also lifted gold prices.

Silver followed gold's suit, gaining 2.1% on soft greenback and  hopes that the Fed will stick to its loose monetary policy.

Platinum attained almost a three-month high after the world's top producer, Anglo American, said it will post a loss for 2012 because of strikes in South Africa.

Palladium moved higher as deficit on the physical markets is exacerbated by positive industrial demand outlook. Global car sales are expected to advance 2.4% to 82.7 million in 2013, according to LMC Automotive.

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