12/7/2020, 11:32 AM (Source: TeleTrader)
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Precious metals drop, platinum down 4% after rally

Prices of precious metals decreased on Monday amid optimism spurred by the latest news on the COVID-19 vaccine front, which pushed traders away from trading in safe-have assets. Platinum saw a plunge of over 4% after having rallied for the largest part of the previous week.

London is next in line to commence the mass inoculation after Moscow started vaccinating its citizens the week prior. Moreover, reports hinted that the United States House Democrats are going to continue talks with the Republican Party on the latest installment of the coronavirus stimulus bill.

Spot gold lost 0.21% to sell for $1,833.17 per ounce at 5:31 am ET, while silver dropped 1.29% to $23.86 per ounce at the same time. Platinum plunged 3.32% to sell for $1.029.20 per ounce at 5:32 am ET and palladium concurrently slid 0.57% to go for $2,341.58 per ounce.

Breaking the News / BU