Palladium advances on persistent supply concerns

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Source: Dukascopy Bank SA
Precious metals except for platinum traded higher on Friday on hopes that the Fed will refrain from ending its bond-buying activities sooner-than-planned amid soft US data. However, solid greenback put pressure on the commodity complex.

Gold inched up on expectations of strong physical demand from central banks in Asia. At the same time, the yellow metal came under heavy pressure after the data showed that gold held in ETPs slumped the most since August 2011 last week.

Silver gained as a recent drop in prices spurred bargain-hunting. Moreover, expectations of strong investment demand in China supported the grey metal. According to the latest report of the Silver Institute, China's investment demand for silver is expected to grow ‘robustly' in the medium term.

Platinum declined to the lowest level in six weeks amid soft data from the US and Eurozone. At the same time, the downswing remained capped due to tight global supplies after strikes in South Africa.

Palladium was the top-performer amid ongoing concerns over deficit on the physical markets.
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Mon, 25 Feb 2013 09:40:53 GMT

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