Palladium slides despite deficit concerns

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Source: Dukascopy Bank SA
Precious metals were mixed on Monday after the Liberal Democratic party won general elections in Japan. Market players hope that the leader of the party, Shinzo Abe, will put more pressure on the BoJ to ease its monetary policy. Meanwhile, investors also remained focused on the US budget talks to avert fiscal cliff.

Gold rebounded on expectations for accommodative monetary measures in Japan. Broadly weaker greenback coupled with bright physical demand outlook added to gains of the yellow metal.

Silver inched up amid strong global equities and soft US dollar. At the same time, the metal remained under pressure due to signs of weak investor and industrial demand. ETP outflows approached 200 tonnes last month, indicating weaker investor interest in silver.

Platinum and Palladium retreated despite positive news from Japan. However, expected deficit on the market as well as potential increase in industrial demand continued to lend support for the precious metals.

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Tue, 18 Dec 2012 09:19:10 GMT

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