Gold gains ahead of Fed meeting, Cyprus turmoil

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Source: Dukascopy Bank SA
Precious metals were mixed on Tuesday as uncertainty over bailout for Cyprus boosted safe haven appeal of the commodity sector. At the same time, stronger US Dollar and cautiousness ahead of the Fed policy meeting due on Wednesday put heavy pressure on precious metals.

Gold attained almost a one-month high as turmoil in the Eurozone continued to buoy safe-haven assets. Moreover, holdings in ETPs climbed for the first time in three days, lending support to the yellow metal.

Silver was steady, balancing between solid US Dollar and bright industrial demand prospects. Industrial demand for the grey metal is expected to soar 53% in 2012-2014 compared to the average fabrication demand in 1992-2001.

Platinum hit a three-month low as supply insecurity in South Africa eased. South African Chamber of Mines and unions agreed to discuss an introduction of centralized wage bargaining.

Palladium plunged to a four-month low amid concerns over car demand in the Eurozone. However, the metal may draw strength from persistent deficit on physical market and robust automobile demand in the US and China.
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Wed, 20 Mar 2013 09:05:09 GMT

Aluminum rose as lower prices lured buyers

Industrial metals were divided on Tuesday amid as demand for risky assets weakened after Cyprus rejected bailout conditions proposed by Eurozone officials. However, low prices lured some investors thus creating an upside potential for the commodity group. Aluminum inched up on bottom fishing. However, the metal remained under pressure amid as elevated China's reserves are expected to weigh on demand

Thu, 21 Mar 2013 07:26:09 GMT

Bovespa Index declines on iron producer's loss

The Bovespa Index was lower by 1% to 56,389.48 points by midday trading session in Sao Paulo on Tuesday. The index was led by iron-ore producer Mineracao & Meralicoss SA, which posted a bigger loss than analysts estimated in a fourth quarter. Also, the index is dragged down by a weak situation in Brazilian market, as 32 of 46 companies missed earnings

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