Platinum plunged on weak US corporate reports

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals plunged on Tuesday on broadly stronger US Dollar. Moody's downgraded five regions in Spain, thus spurring demand for safe-haven greenback. Moreover, market players were awaiting the results of the FOMC two-day meeting due later in the week.

Gold dropped as appreciation in the US Dollar dampened the yellow metal's appeal. Meanwhile, gold traders remained cautious ahead of the FOMC statement after the Fed announced QE3 last month.

Silver dropped on sharp fall in global equities during Tuesday's risk-off trade. The downgrade of Spanish regions coupled with key economic data releases due later in the week created heavy selling pressure on the grey metal.

Platinum plunged as disappointing US corporate earnings weighted down on the physical commodity markets.

Palladium was the top-loser, falling to the lowest level since March. Weak quarterly results of the US manufacturers and uncertainty over car demand pushed the precious metal lower.

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Wed, 24 Oct 2012 07:18:42 GMT

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