Platinum fell as Anglo American resumes operations in South Africa

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Source: Dukascopy Bank SA
Precious metals halted their rally on Monday as markets already priced in Fed stimulus measures announced last Thursday. Stronger US Dollar also added pressure on the commodity group. Meanwhile, lingering worries over instability in Spain after thousands of people protested against austerity measures over the weekend also pressurized precious metals.

Gold slumped on profit-taking after recent soar on long-awaited Fed easing measures and broadly stronger US Dollar.

Silver moved in tandem with gold, plunging 1.32% amid fading boost from the US monetary stimulus.

Platinum was the top-loser after Anglo American reported that it plans to resume operations at its South African platinum mine. However, persistent supply concerns restricted the downswing.

Palladium was bearish on weakness of the base metals. Moreover, a rebound in the US Dollar created heavy pressure on the precious metal.

 

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