9/23/2020, 9:48 PM (Source: TeleTrader)
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Silver plunges 7%, falls below $23 per ounce

Spot silver prices extended losses on Wednesday, falling below $23 per ounce for the first time since late July.

Precious metals dropped this week after the dollar strengthened against other major currencies. Furthermore, worries over demand for silver, which is used in industry, also contributed to the fall amid concerns new spikes in coronavirus infections could lead to new lockdowns.

Silver plummeted 7.14% to sell for $22.65 per ounce at 3:49 pm ET. Spot gold slid 2.06% to go for $1,861.24 per ounce at 3:58 pm ET and platinum dived 3.50% to change hands for $839.53 per ounce at the same time. Palladium was down 0.49% to sell for $2,221.09 per ounce at 3:59 pm ET. Meanwhile, the dollar jumped 0.42% against the euro at 3:56 pm ET to reach eight-week highs against the currency.

Breaking the News / NP