Silver rebounds on bright demand perspectives

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Source: Dukascopy Bank SA
Precious metals rallied on Thursday as the US Dollar came under notable pressure after the ECB President Mario Draghi stated that the ECB decided to leave the interest rates unchanged. Weak US data also boosted the commodity group. Moreover, bright physical demand perspectives provided further support for precious metals.

Gold advanced as the ECB decision to leave its monetary policy unchanged sent greenback sharply lower. The yellow metal also drew strength from firm physical demand from China ahead of the festival season.

Silver jumped, tracking firmness of the precious metals group. The grey metal also found support on bright demand prospects as sales of American Eagle silver coins reached all-time high in January.

Platinum and Palladium led gains on positive China's trade balance data. The metals also remained well-supported by a deficit on the physical markets. Moreover, the deficit may be further exacerbated by an increase in consumption amid robust growth in car sales across the globe.

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