Platinum jumps on supply side support

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals were mixed on Wednesday amid appreciating US Dollar and increased caution ahead of the ECB press conference due on Thursday. Moreover, looming debates over the US debt ceiling continued to dampen market sentiment. However, expectations for stronger physical demand for precious metals were supportive for the commodity group.

Gold eased as US Dollar strength created heavy pressure on the yellow metal. Meanwhile, gold may be lifted by a seasonal increase in physical demand from China. China's gold imports attained a seven-month high in November and the trend is likely to persist ahead of the festival season.

Silver witnessed mild losses amid solid greenback and uncertainty over the US debt limit debate. However, the downswing was capped by firmness in global equities and hopes for a rebound in industrial demand.

Platinum and Palladium were bullish due to strong supply side fundamentals. Physical markets are likely to face a deficit of both metals this year. Moreover, supply deficit may be further exacerbated by a potential increase in industrial demand amid signs on global economic recovery.

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