Gold, silver plunge as dollar extends gains

Tuesday, 13. October 2020 16:31

Prices of precious metals posted significant losses on Tuesday as stimulus talks in the United States continued to progress, prompting optimism among investors. Meanwhile, the OPEC asserted in its monthly report that major economies won't see another nationwide lockdown despite the still-expanding coronavirus pandemic.

At the same time, the American dollar extended gains both versus the euro and the pound. Spot gold plunged 1.63% to sell for $1,891.64 per ounce at 10:27 am ET, while silver tumbled 3.59% to $24.20 an ounce.

Palladium sank 2.88% to $2,341.08 per ounce a minute later, with platinum concurrently making a 0.81% drop to land at $871.51 an ounce.

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