Platinum slumped despite renewed supply concerns

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Source: Dukascopy Bank SA
Precious metals ended the week in the red territory as US Dollar's appeal, traditional precious metals' hedge, rose ahead of the US presidential elections. Mixed data from the US labour market also pushed the commodity group lower.

Gold plunged as strong greenback created heavy selling pressure on the yellow metal. Moreover, increased caution before the US elections due next week weighted down on the gold price.

Silver was the top-loser, sinking 4.17% on weak global equities and rallying greenback.

Platinum retreated amid strong greenback. However, the downside was limited by renewed supply concerns in South Africa. Mining companies are struggling to return miners at work as striking workers continue to demand an increase in wages.

Palladium dropped on weaker-than-expected total vehicle sales in the US. Autodata Corp. announced that total vehicle sales in the US climbed to 14.3 million, confronting the expectations of a rise to 15 million in October.

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