Platinum drops on fears of Eurozone's recession

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Source: Dukascopy Bank SA
Precious metals plunged on Friday amid speculation that the Fed may stop its easing measures soon. The Fed Chairman Ben Bernanke stated at the G20 meeting that despite high unemployment the US economy is recovering. Adding pressure, Ben Bernanke's comments sent the US Dollar higher.

Gold finished the week on the negative note on concerns that the Fed may end its USD85 billion monthly bond-purchasing program as the US economy is improving.

Silver was the top-loser amid strength in the US Dollar and softness in gold prices. At the same time, stronger industrial and investment demand as well as robust sales of silver coins and jewelry capped losses in grey metal.

Platinum prolonged its slump as worries over economic weakness of the Eurozone weighed on industrial demand prospects. However, a deficit on the physical market continued to lend support for platinum.

Palladium retreated on fears of recession in the Eurozone and stronger greenback. Capping losses, robust global automobile demand is likely to exacerbate deficit on the physical markets.
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