Silver inches up ahead of ECB policy meeting

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Source: Dukascopy Bank SA
Precious metals except for palladium moved higher on Wednesday as caution ahead of the ECB press conference due on Thursday boosted safe haven appeal of the commodity complex.

Gold climbed ahead of the ECB policy meeting scheduled on Thursday. Moreover, signs of strong physical demand continued to support the precious metal. At the same time, weak Eurozone's data as well as firmness in greenback restricted an upward trend.

Silver edged up, tracking platinum's gains. The grey metal drew strength from a 86% increase in 2013 American Eagle silver coins sales last month. However, solid greenback and soft global equities weighed on silver price.

Platinum rallied to a 16-month high on supply concerns from South Africa. Meanwhile, holdings in ETP backed by platinum soared to a record of 51.5 metric tonnes on Tuesday, indicating strong investment demand.

Palladium was the only loser amid profit taking after the price surged on worries over widening global deficit. Robust demand from automobile industry coupled with a fall in sales of Russia's stocks are expected to widen global deficit.
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