3/4, 7:04 PM (Source: TeleTrader)
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Precious metals drop as Treasury yields climb

Precious metals extended losses on Thursday with gold briefly dipping below $1,700 under more pressure from rising Treasury yields.

Federal Reserve Chairman Jerome Powell said that he expects inflation will pick up temporarily in a speech earlier. "We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects. That could create some upward pressure on prices," Powell noted.

Gold sank 0.79% to $1,700.67 per ounce at 12:52 pm ET, while silver dropped 2.16% to $25.59. At the same time, platinum fell 2.06% to $1,150.86 an ounce as palladium was down 0.19% to $2,352.69 per ounce.

Breaking the News / JC