Strong China's demand boosts gold

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Source: Dukascopy Bank SA
Precious metals rebounded on Tuesday ahead of the closely-watched ECB meeting due on Thursday. Hopes that the Fed will stick to its stimulus measures amid weak state of the jobs market lent support for precious metals. Meanwhile, investors  continued to monitor developments across the US debt ceiling talks. 

Gold erased some of the previous losses on strong physical demand from China ahead of the festival season. China's net imports of the yellow metal reached 61,786.6 kilograms in November, the highest level in seven months.

Silver moved higher despite mixed global equities and solid US Dollar. The grey metal drew strength from the gold's firmness and hopes for continuation of the Fed's easing measures.

Platinum snapped a three-day losing run amid bright demand prospects from auto industry.

Palladium climbed as demand is exceeding supply for the second consecutive year amid stagnating mines' output and  record high car sales. Demand is likely to exceed production by 511,000 ounces this year, reported Barclays.

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Wed, 09 Jan 2013 12:32:04 GMT

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