6/17, 2:39 PM (Source: TeleTrader)
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Palladium drops nearly 5%, hits 2-month low

Palladium plunged nearly 5% on Thursday to hit a two-month low of $2,663.96 per ounce as precious metals continued to extend losses.

The plunge comes after the US Federal Reserve hinted it could raise interest rates sooner than expected. Elsewhere, investors digested the latest jobless claims numbers which climbed to the highest level in a month.

Palladium slid 4.70% to sell for $2,669 per ounce at 8:41 am ET. Meanwhile, spot gold fell 1.69% to go for $1,780.57 per ounce at 8:43 am ET, silver dropped 2.56% to $26.29 per ounce and platinum tumbled 2.73% to $1,093.26 per ounce at the same time.

Baha Breaking the News (BBN) / NP