Gold drops as solid greenback weights

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Source: Dukascopy Bank SA
© Scanpix/AFP
Precious metals apart from gold moved higher on Tuesday despite broadly stronger greenback and mounting concerns over the US budget clashes. Meanwhile, investors were also cautious after the IMF disagreed on Greek bailout terms, putting the approval of the new bailout installment under question.

Gold edged lower as stronger US Dollar and the eurozone's woes continued to pressurize the yellow metal.

Silver rose despite weak global equities and rallying greenback. The grey metal found support on higher platinum and palladium prices amid expectations of insufficient supply of these metals.

Platinum jumped after reports that global platinum supplies will fall by 9.9% this year due to output disruptions in South Africa. The decline in supplies is expected to drive platinum market from surplus in 2011 to a large deficit in 2012.

Palladium skyrocketed on forecasts that world's production will slide 11% this year due to a drop in South African and Russian supplies.

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Wed, 14 Nov 2012 08:57:38 GMT

Aluminum jumped on rising China's demand

Industrial metals except for nickel advanced on Tuesday despite lingering concerns over the eurozone. Market players were jittery after the eurozone's finance ministers postponed Greek bailout decision to November 20. Moreover, looming US fiscal cliff and lack of easing measures in China created pressure on the commodity group.Aluminum was the top-performer, drawing strength from hopes that more tenders will follow

Wed, 14 Nov 2012 08:35:45 GMT

Asian shares rallly as financial firms rebound

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