Platinum declines but supply concerns cap losses

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Source: Dukascopy Bank SA
Precious metals tumbled on Thursday after Mario Draghi said the ECB will maintain its loose monetary policy. He also added inflation is likely to fall below 2%, putting heavy pressure on the precious metals, which are traditional inflation hedges. Moreover, broadly stronger greenback and mixed US data pushed the commodity complex lower.

Gold retreated after comments of Mario Draghi send the Euro lower against the US Dollar. The yellow metal also came under pressure on expectations of a drop in inflation in the Eurozone and mixed US numbers.

Silver declined, tracking gold's weakness. Weak global equities and solid US Dollar weighed on the grey metal. At the same time, signs of strong investment demand continued to lend support. According to the US Mint, sales of 2013 American Eagle silver coins surged 86% in January.

Platinum slumped despite persistent supply concerns in South Africa. Barclays expects global production to reach more than a ten-year low in 2013.

Palladium extended previous losses amid mixed US data. However, the metal may seek support from global deficit concerns and high industrial demand potential.
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