10/5/2020, 7:56 PM (Source: TeleTrader)
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Silver surges over 2% as economic activity quickens

Prices of precious metals increased on Monday as the coronavirus pandemic continued to prompt global concerns among leading economies. While aides of United States President Donald Trump reassured he is ready to get back to work, the number of new COVID-19 cases among the White House staff continued to increase.

In Europe, Jonathan Haskel from the Bank of England backed additional financial stimulus for the British economy, and the European Central Bank bought bonds from Italy and Spain worth €45.5 billion in total to alleviate their public debts amid the crisis.

Spot gold gained 0.75% to trade for $1,915.21 per ounce, while the price in euros rose 0.23% to €1,636.29 at 1:52 pm ET. Silver surged 2.52% to $24.36 an ounce a minute later, with the price in euros going 2% higher to €20.68. Platinum and palladium jumped slightly over 2% to trade for $899.22 and $2,362.45, respectively.

Breaking the News / ND