2/2, 9:28 AM (Source: TeleTrader)
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Silver surrenders 4% after Monday's rally

The price of silver dropped more than 4% on Tuesday following a sharp increase recorded on Monday that pushed the precious metal over $30 per ounce, its highest level since 2013.

Recent economic data hinted the United States could bounce back from the coronavirus crisis faster than expected as both manufacturing and construction sectors showed signs of recovery, affecting investors' decision to shift from purchasing safe-haven assets. Meanwhile, the Biden administration is aiming to pass a $1.9 trillion stimulus package to back the economic rebound from the crisis.

Silver was down by 3.60% to go for $27.76 per ounce at 3:22 am ET. Meanwhile, gold decreased by 0.56% a minute later, trading for $1,848.55 per ounce, and platinum slipped 2.07% to trade for $1,105.77 per ounce at 3:34 am ET. On the other hand, palladium advanced 0.30% to sell for $2,257.38 per ounce at 3:25 am ET.

Breaking the News / GA