Gold retreated ahead of G20 meeting

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals apart from platinum were bearish on Wednesday as investors turned to safe-haven assets such as the US Dollar ahead of a G20 meeting scheduled later in the week. At the same time, positive data from the EU and US provided support for the commodity complex.

Gold slid despite upbeat industrial production data from Germany and positive US retail sales reading. Broadly stronger greenback as well as caution ahead of a G20 meeting weighed on the yellow metal.

Silver followed the gold's trend, retreating 1.06% amid solid US Dollar. Uncertainty ahead of a G20 meeting and signs of rising global output put heavy pressure on the grey metal. First Majestic Silver predicts its production to expand to three million ounces in 2013 and to six million ounces in 2014.

Platinum was the only gainer amid lingering supply concerns. On Tuesday, Zimbabwe government announced it repossessed almost 30,000 hectares of land from Zimplats Holdings, a large platinum miner in Zimbabwe.

Palladium declined after hitting a 17-month high on Tuesday on hopes for robust demand from car producers and expected deficit on the physical markets.
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