2/27, 8:13 PM (Source: TeleTrader)
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Gold, silver touch 12-day lows in broad market selloff

Precious metals traded mostly lower on Wednesday, with silver dipping to as low as $15.7 per ounce for the first time since February 15 as a slew of geopolitical risks sent yields higher in the market for government debt of the United States, Britain and Germany. The rise in the benchmarks for borrowing costs made gold and other assets in its class less appealing, but stocks also sold off before recovering in mid-session. Investors were mostly focused on renewed hostility between India and Pakistan.

Of note, Federal Reserve Chair Jerome Powell today expressed confidence in corporate spending, the labor market and the strength of the banking system, while warning again about rising national debt. US President Donald Trump met in Vietnam with North Korea's leader Kim Jong-un, pushing the trade dispute with China to the background, while Brexit held high among acute concerns.

The yellow metal was down 0.77% at $1,318.8 for one troy ounce at 8:10 pm CET. Earlier it touched $1,317.06, the lowest mark in 12 days. Silver fell 1.27% to $15.73 and palladium tumbled 2.44% to $1,525.25. Platinum was the exception, rallying 0.47% to $864.14 per ounce following a climb to $868.26, the highest since November 8.

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