Silver plunges after weak US jobs data

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Source: Dukascopy Bank SA
Precious metals followed risk-on assets on Thursday after the US data showed jobless claims increased more than expected last week. Moreover, profit taking after the previous rally weighed on the commodity sector. At the same time, weak greenback capped losses of precious metals complex.

Gold declined as US figures continued to disappoint. The yellow metal moved in sync with risky assets that posted sharp losses after US jobless claims data. However, a recent Fed's decision to stick to its loose monetary policy as well as robust demand from central banks lent support to gold prices.

Silver was the top-loser, tracking gold's and base metal's weakness. On Thursday, investors locked in gains as the grey metal soared in the previous sessions on increasing demand for silver coins in the US. The US Mint reported sales of silver coins in January surged 84% on a monthly basis.

Platinum and Palladium slumped as disappointing US data erodes industrial demand prospects for the metals. Restricting the downswing, experts predict wider deficit on the global physical markets due to tight supplies from South Africa and Russia.
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Fri, 01 Feb 2013 12:47:04 GMT

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Fri, 01 Feb 2013 14:50:06 GMT

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