Platinum pared losses after weak US jobs data

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Source: Dukascopy Bank SA
Precious metals except for silver moved lower on Friday amid broadly stronger US Dollar. However, precious metals trimmed losses after weak US employment data suggested that despite recent comments the Fed is likely to stick to its loose monetary policy. On Thursday,  the Fed announced it may end its bond-purchasing plan this year.

Gold ended the week in the red territory despite hopes that high US unemployment rate of 7.8% will make the Fed to keep its easing measures in place for indefinite future.

Silver was the only gainer on speculation that the Fed will continue its easy monetary policy amid weak employment figures.

Platinum pared losses on hopes for continuation of the US easing. Expected deficit on the physical market also restricted the downswing.

Palladium was the top-loser despite positive numbers from the US car industry. US car sales reached a five-year high in 2012, suggesting a strong demand potential for palladium used for automobile catalytic converters.

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Fri, 04 Jan 2013 18:28:58 GMT

DAX

European stocks advanced for the fourth consecutive day, staying around its highest level in 22 months as U.S. unemployment stayed at the same level, raising optimism on the outlook for the world's largest economy. The German DAX index advanced 0.15% to 7,767.45. Only two groups in the benchmark index declined. Technology shares erased 0.95% and health care stocks lost 0.40%.

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