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5/11, 3:54 PM (Source: TeleTrader)
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Precious metals mostly lower amid stock sell-off

Prices of most precious metals declined on Tuesday as the global stocks sell-off continued amid fears of rising inflation.

Although gold is often seen as a hedge against inflation, market watchers are concerned higher inflation could prompt the Federal Reserve to raise interest rates, which could then negatively impact gold prices. Investors are awaiting the United States report on consumer prices that is set to be released on Wednesday.

Spot gold declined 0.58% to sell for $1,824.61 per ounce at 9:47 am ET, platinum slid 1.75% to go for $1,229.24 per ounce at 9:49 am ET and palladium dropped 1.28% to $2,923.68 per ounce at the same time. Meanwhile, silver added 0.09% to go for $27.33 per ounce at 9:53 am ET.

Breaking the News / NP