Silver rose ahead of FOMC meeting

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals apart from gold moved higher on Monday as global easing speculation continued to provide support for the commodity group. However, solid greenback created pressure on precious metal's price.

Gold ended the day with slight loss of 0.08% as investors were cautious ahead of two-day FOMC meeting due to start on Tuesday.

Silver managed to gain 1.57% on stronger global equities and speculation that the Fed and ECB will loosen their monetary policies to boost growth.

Platinum added 0.43% after Platfields released an open letter to the South African government calling for assistance in declining  platinum industry.

Palladium was top-gainer on strong performance of base metals. Meanwhile, market participants reduced net long positions in the precious metal, according to Kitco.

 

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Tue, 31 Jul 2012 12:44:50 GMT

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