Silver plunged on US budget deadlock

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals retreated on Thursday as boost from the Fed additional stimulus measures appeared to be short-lived. The commodity group also was pressurized by concerns that looming fiscal cliff in the US will erode investment demand for precious metals.

Gold slumped on worries over nearing budget clashes in the US. Stronger greenback and widely expected Fed decision also weighed on the yellow metal.

Silver tanked amid weaker global equities and slightly stronger US Dollar. Meanwhile, mixed US data coupled with uncertainty over US budget talks created additional pressure on the white metal.

Platinum dipped, following gold's and silver's trend. The metal's price was also depressed by soft global equities and solid greenback.

Palladium declined; however, the downswing was limited. The Bank of America reported that palladium is likely to outperform other commodities next year due to loose Fed policy and insufficient global supply.

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