Palladium tumbles ahead of US vehicle sales data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals were bearish on Thursday amid renewed concerns that signs of the US economic recovery will mean an end to loose policies by the Fed. However, hopes for robust physical demand from India supported the commodity complex. On Thursday, Indian government unexpectedly refrained from increasing import duties on precious metals.

Gold slumped after the data showed assets in the SPDR Gold Trust, the largest gold-backed exchange-traded fund, dropped 12 metric tonnes to reach the lowest level since August. Moreover, speculators reduced their bets on an increase in gold prices by 40% in the week ended Feb. 19, the biggest decline since July 2007.

Silver dipped, tracking appreciation in the US Dollar and lingering concerns over the US monetary policy. However, the downswing was capped as Indian government decided not to raise import taxes on precious metals.

Platinum and Palladium finished in the red territory amid alleviating worries over supply insecurity in South Africa. On Friday, market players are likely to focus on the US vehicle sales data to gauge industrial demand potential for metals used in auto-catalyst production.
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