LONDON (Commodity Online): Precious metals prices suffered corrections across the board with the exception of Gold as macro uncertainties renewed around European sovereign debt issues. Gold inched up by 0.3% to $1718.3/oz, as the Prime Minister of Greece called for a referendum on the freshly brewed EU aid package creating further macro risks for investors amid risk aversion.

Silver tumbled on the day by 2.3% to $33.36/oz. Platinum and Palladium both edged lower by 1.7% and 0.7% respectively, despite the fact that October auto sales data were relatively in line with expectations, showing slight month-on-month growth overall.

Although we continue to expect strong support from physical buying, the physical market for Gold has been somewhat softened as premiums in Hong Kong eased to near $1/oz from last weeks $1-$1.50/oz. This week's ECB statement showed that sovereign buying remain positive for gold's demand.

Gold and gold receivables held by euro zone central banks rose by 1 million euros to almost 420 billion euros in the week ending October 28th. Furthermore, despite Turkish October gold imports falling to 7.49 tonnes from 18.23 tonnes in September, so far this year, Turkey has imported 80% more gold than it did for the same period in 2010.

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