Gold, silver extend losses on upbeat US data

Thursday, 03. June 2021 16:03

The prices of precious metals registered major losses on Thursday following better-than-expected economic data released ahead of today's session on Wall Street.

The service sector activity in the United States registered record growth last month, while initial jobless claims went further down to 385,000 and private payrolls rose by 978,000. Meanwhile, Patrick Harker from Federal Reserve estimated US inflation will stay around 3% this year as central bank officials continued to hint taper talks could begin soon.

Spot gold plunged 2.14% to $1,867.91 per ounce at 9:56 am ET, while silver sank 3.56% to $27.15 an ounce. Platinum fell 3.27% to $1,156.06 and palladium dropped 3.30% to $1,155.10.

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