Precious metals rise as global economy faces recession

Monday, 08. June 2020 19:18

Prices of precious metals jumped on Monday as countries put efforts to curb the coronavirus effect on their economies worldwide.

The world may face the biggest recession in decades this year after being largely impacted by the outbreak, according to the World Bank's economic forecast, forcing investors to turn to safe-haven assets.

Palladium surged 3.35% to sell for $2,017.69 per ounce at 1:12 pm ET, while platinum added 1.72% at the same time, going for $836.67 per ounce. A minute later, gold climbed 0.88%, trading for $1,698.30 per ounce, while silver gained 1.56% to go for $17.68 per ounce.

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