Gold soared on softer greenback, US fiscal hopes

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals rallied on Monday amid broadly weaker US Dollar and rising optimism over the US budget. US President Barack Obama reassured investors that he will manage to reach consensus with Congress on new budget. Meanwhile, market players remained focused on escalating tensions in the Middle East and Greek bailout talks.

Gold jumped, buoyed by the US Dollar weakness. Moreover, hopes that US lawmakers will avert fiscal cliff added to the yellow metal's gains.

Silver was the top-gainer, drawing support from solid global equities and improved risk appetite in wake of optimism over the US budget.

Platinum rose despite eased supply concerns. Anglo American announced that it resolved strikes at its South African mines.

Palladium surged on hopes for better industrial demand as US is likely to avoid fiscal cliff. Weakness in greenback also lifted the precious metal.
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