Precious metals soar on Taiwan concerns

Monday, 08. August 2022 20:13

Demand for precious metals seemingly increased on Monday as worries about the situation around Taiwan seemingly pushed investors toward safer assets. Furthermore, the United States announced another weapons package for Ukraine, which is not expected to lead to a peaceful resolution to the crisis. Today's decline in US Treasury yields could have also helped gold's rise.

Gold advanced 0.72% to $1,787.66 per ounce at 2:15 pm ET. Silver jumped 3.63% to $20.62 per ounce at the same time.

Platinum increased by 0.98% to $940.97 per ounce at 2:15 pm ET. Palladium soared 5.39% to $2,240.65 per ounce at 2:14 pm ET.

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Author:
Baha Breaking News (BBN) / MS