Silver slumped after disappointing Eurozone's data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals ended Thursday's session in the red territory amid concerns over deepening recession in the Eurozone. The data showed the Eurozone's GDP contracted 0.6% in Q4 of 2012, compared to a forecast of a 0.4% decline. At the same time, signs of strong physical demand limited losses of the commodity sector.

Gold dropped after the latest data from the World Gold Council showed an annual decline in physical demand for the first time in three years in 2012. At the same time, demand jumped 3.8% in Q4, being supported by a 41% surge in Indian consumption and a 29% increase in central banks' purchases.

Silver sagged 1.25% on concerns over spreading debt crisis in the Eurozone. Signs of rising global output also weighed on the grey metal. First Majestic Silver expects its production to jump to three million ounces this year and to six million ounces next year.

Platinum and Palladium declined the most in more than two weeks as larger-than-expected contraction of the Eurozone's GDP spurred worries that industrial demand for the metals may ebb.
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Fri, 15 Feb 2013 10:21:03 GMT

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