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3/11, 7:18 PM (Source: TeleTrader)
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Gold, silver weaken as Wall Street jumps

Precious metals dipped on Monday, with the exception of palladium. Investors mostly sold safe haven assets and brushed off the concern about Boeing's biggest plunge in several years. Stock indexes in New York were looking to erase losses from the previous two to three sessions in a rebound in risk appetite.

The administration of United States President Donald Trump proposed a $4.7 trillion budget for fiscal 2020, with the focus on military spending, border security and infrastructure, while scaling back on social welfare. The latest data on business inventories and retail sales indicated improvement in December and January, respectively. The Federal Reserve Bank of New York registered weakened inflation expectations in a regular survey with consumers. Of note, sentiment was also upbeat on indications the United Kingdom's Prime Minister Theresa May could come to terms regarding Brexit both with lawmakers and the European Union.

Gold tumbled 0.62% to $1,291.87 per ounce at 7:16 pm CET. Silver weakened 0.45% to $15.28 for one fine ounce. Platinum lost 0.29% to trade at $817.4 after touching $809.35, the lowest level since February 19. Palladium, which is also widely used in industrial production, mostly the automotive sector, jumped 1.08% to $1,532.13 per ounce.

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