Silver sank on strong greenback

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals traded lower on Friday amid broadly stronger greenback after upbeat US GDP data. Adding to the negative mood of the commodity group, Jeffrey Lacker, president of the Richmond Fed stated that the monetary stimulus is not likely to provide a sufficient boost for the US economy. Jeffrey Lacker's comments raised uncertainty over the future of easing measures in the US.

Gold was slightly lower, balancing between strong physical demand from central banks across the globe and rallying greenback.

Silver dropped on persistent weakness in the global equities. Moreover, uncertainty over the Fed stimulus coupled with strong greenback created heavy pressure on the white metal.

Platinum was the top-loser despite output forecasts' cuts by the world largest producers. Anglo American Platinum lowered its platinum production estimate by 8% this year, citing miners' strikes.

Palladium was bearish as persistent worries over financial instability in the eurozone continued to weight on industrial demand prospects for the metal.

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Mon, 29 Oct 2012 09:24:56 GMT

Won reaches a 13-month high as exporters sold Dollar

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