Precious metals fall on fresh lockdown fears

Wednesday, 28. October 2020 13:59

Prices of precious metals dropped on Wednesday amid increasing concerns over imposing tighter containment measures across the globe to curb the spread of the coronavirus.

European Commission's President Ursula von der Leyen claimed that COVID-19 infections could "go up further in the next two to three weeks." Germany is reportedly considering to ramp up restrictions after the country registered another record high in daily coronavirus cases. Frech President Emmanuel Macron is weighing on declaring another national lockdown as infections and virus-related deaths rise, according to media reports.

Palladium sank 2.71% at 8:54 am ET, trading at $2,272.28 per ounce to fall to its lowest level since September 28, while platinum slipped 2% to go for $865.26 per ounce two minutes later. Gold lost 1.37% at 8:57 am ET, selling for $1,881.56 per ounce and silver plunged 2.95% at 8:42 am ET to trade for $23.65 per ounce.

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Breaking the News / GA