Silver gains despite falling trading in China

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals apart from silver dropped on Tuesday amid renewed concerns over the US economy. Ben Bernanke said that the Fed will not manage to offset potential damages caused by fiscal cliff and hinted that tax hikes and spending cuts could drive the country to recession.

Gold slid on lingering concerns over the US economy and stronger US Dollar. At the same time, hopes that the eurozone's finance ministers will agree on the next Greek bailout installment lent some support for the yellow metal.

Silver was the only gainer despite weak spot market activity in China. Volume on the Shanghai White Platinum & Silver Exchange plunged 30% this year amid soft industrial demand.

Platinum retreated as the end of strikes in South Africa removed supply risk premium for the precious metal.

Palladium dropped the most in the group on renewed worries over the US economy. However, the precious metal may continue seeking support on expected supply crunch next year due to lower Russia's and South Africa's sales.

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