Palladium soars amid robust car demand

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Source: Dukascopy Bank SA
Precious metals apart from platinum traded higher on Wednesday despite broadly stronger greenback after upbeat US jobs data. The commodity sector found support on talks the ECB and Fed will stick to their loose policies.

Gold climbed amid robust physical demand from central banks across the globe and speculation that the ECB and Fed will continue their easing measures. However, positive numbers from the US limited the upswing as improved outlook on the US economy may mean an end to bond-buying program by the Fed.

Silver moved higher amid strong physical demand from China. Barclays announced that China's imports of the grey metal surged by annualized 36% in January, posting the biggest increase since May 2010.

Platinum was the only loser after miners, who went on an illegal strike at Lonmin's Marikana platinum mine on Tuesday, returned to work.

Palladium rallied on signs of recovery of the global automobile industry. The latest data showed US car sales surged more than expected in January, while China's car demand jumped 46% in 2012. Palladium also drew strength from fears that global deficit may be further exacerbated by falling sales from Russia.
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Thu, 07 Mar 2013 08:41:03 GMT

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Thu, 07 Mar 2013 12:45:03 GMT

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