Silver drops on falling ETF holdings

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Source: Dukascopy Bank SA
Precious metals were mixed on Wednesday after the Fed announced no changes to its loose monetary policy. Broadly weaker greenback also provided support to precious metals. Pushing the commodity sector lower, concerns over Cyprus started to alleviate thus dampening safe-haven appeal of the commodity group.

Gold dropped as a recent increase in prices weighed on physical demand. The US Mint sold 36,500 ounces of the yellow metal so far this month. At this pace, total gold sales for March would post an annualized decline of 12%. However, a slight increase in gold holdings in ETP on Tuesday limited losses of the yellow metal.

Silver dived on signs that investment demand weakens. On Tuesday, silver assets in iShares Silver Trust, the largest exchange traded fund backed by silver, declined 105.3 metric tonnes, the biggest fall in almost two months.

Platinum and Palladium rallied amid weaker US Dollar and eased worries over Cyprus bailout. The precious metals also were boosted by hopes that accommodative monetary policy by the Fed will increase car demand in the US. Moreover, persistent deficit on the physical market continued to lend support for platinum group metals.
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