Precious Metals Fall on Jewelry Tax, Buoyed by Car Sales

Reuters reported precious metals like palladium fell on Tuesday on a new tax on jewelry in India, but remained high on U.S. auto sales.

As quoted in the market news:

Surging car sales, however, kept industrial precious metals such as platinum, palladium and silver from falling further. U.S. auto sales rose more than 15 percent in March as rising consumer confidence quickened the pace of a sluggish recovery.

Spot silver was down 1.2 percent at $32.58 an ounce, spot platinum eased 0.4 percent at $1,638.24 an ounce, and spot palladium inched down 0.2 percent at $648.85 an ounce.

Click here to read the full Reuters report.