Trade optimism drives precious metals lower

Tuesday, 05. November 2019 16:56

Precious metals traded with losses on Tuesday as trade optimism drove out investors from safe-haven assets.

Reports that the United States is mulling the removal of some tariffs on Chinese goods as the country prepares to sign the phase one deal with Beijing led to a record-setting rally on Wall Street.

Meanwhile, the latest data from the Institute of Supply Management (ISM) signaled an acceleration in the US service sector following last month's weak data.

At 10:45 am ET, gold was down 1.43% to $1,487.09 per ounce, while silver fell 2.07% to $17.67. At the same time, platinum dipped 0.81% to $928.50 an ounce as sister metal palladium lost 0.58% to $1,768.92.

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