Precious metals advanced on Wednesday on broadly weaker US Dollar and mixed global equities. The precious metals appeal was also boosted by speculation that the Fed will implement additional growth-stimulating measures.
Gold rallied above USD1,600 per troy ounce on news than greater number of Fed policymakers agreed that stimulus program has to be expanded to facilitate labour market recovery.
Silver rose 1.5%, following gold's rally. The white metal caught momentum on hopes for easing in the US. Meanwhile, traders await Fed meeting due July 31 and August 1.
Platinum edged up on US easing expectations. However, experts predict further South African mine closures before platinum regains solid support.
Palladium climbed 0.44%, drawing strength from a surge in base metals' prices. Recent improvement in China's manufacturing activity also bolstered the metal.