Precious metals drop amid coronavirus uncertainty

Monday, 26. October 2020 11:07

Precious metals traded mostly lower on Monday as coronavirus cases continued to soar worldwide and the economic outlook faced further uncertainties. Many countries reported record increases in COVID-19 cases over the recent days, including the US, Italy, France and Russia. Meanwhile, Washington lawmakers are still negotiating the terms of the next relief package, with House Speaker Nancy Pelosi claiming a deal could be announced later on Monday.

Gold was the only metal trading without considerable losses. It was flat at 11:01 am CET, selling for $1,902.84 per ounce. Silver lost 1.59% and went for $24.23 per ounce at 11:02 am CET.

Palladium dropped by 1.01% to $2,367.40 per ounce at 11:03 am CET. Platinum traded 1.68% lower to go for $890.31 at the same time.

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Breaking the News / DJ