Precious metals rise as coronavirus crisis worsens

Tuesday, 20. October 2020 19:58

Prices of precious metals made gains on Tuesday as the coronavirus pandemic continued to prompt a tightening of restriction measures across the globe in an attempt to curb the spreading. The situation in Europe is worsening by the day, with Spain, Italy, France and the United Kingdom suffering renewed coronavirus outbreaks.

Meanwhile, the United States is focused on delivering additional economic relief ahead of the presidential elections. House Speaker Nancy Pelosi recently revealed that the work on the bill has started, while further information will be released later today. The markets are positively reacting to the announcement, with the Dow Jones surging over 1%.

Gold rose 0.47% to sell for $1,913.04 per ounce, and silver surged 2.02% to go for $24.89 an ounce at 1:56 pm ET. A minute later, platinum jumped by 2.58% to trade for $881.70, while palladium soared 2.67% to $2,408.72.

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Breaking the News / ND