Platinum eased up on tightening global supplies

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Source: Dukascopy Bank SA
Precious metals changed direction and advanced on Thursday, tracking gains in other commodities. However, positive data from the US pushed the greenback higher, thus capping the upswing of the commodity group. Meanwhile, traders remained cautious ahead of the US consumer confidence data due on Friday.

Gold moved higher despite stronger US Dollar and weak economic outlook on the eurozone. The yellow metal found support on speculation that easing measures will persist in the US after Barack Obama was re-elected for the second term.

Silver jumped despite weakness in global equities and firm greenback.

Platinum inched up on signs of tightening global supplies. Reuters reported that South African platinum production dropped by 17.8% this year due to strikes at the largest platinum mines.

Palladium edged higher ahead of the key Chinese numbers due on Friday. At the same time, the precious metal remained under pressure amid weak eurozone's sentiment and strong US Dollar.

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