Gold dips under $1,300, palladium drops 6%

Thursday, 28. March 2019 16:04

Precious metals dropped for the third day in a row on Thursday in a switch toward risk appetite, with palladium falling over 6%. Stock on Wall Street turned higher and prices of United States government securities dropped. As yields or interest rates gain when Treasuries decline, investors saw debt as more favorable than precious metals. Spot gold fell under the psychological level of $1,300 per ounce for the first time since March 20.

Losses were capped by the largest slump in 30-year fixed-rate US mortgage rates in almost ten years in the week through today. The figure plunged 22 basis points to 4.06%, the lowest mark in 14 months.

The yellow metal was down 1.11% at 4:04 pm CET, selling for $1,295.23 per troy ounce after sliding to $1,291.37. Silver fell 1.16% to $15.12. The session low, $15.05, was unseen in 20 days and close to the weakest point this year. Platinum traded 1.07% in the red at $844.36 per ounce. Its sister metal palladium continued its plunge and changed hands 6.1% lower at $1,363.95 per ounce. Earlier it touched $1,354.16 for the first time since January 25.

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