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9/8, 4:48 PM (Source: TeleTrader)
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Palladium sinks over 5.5% on industrial slowdown

The prices of precious metals extended losses on Wednesday, with palladium plunging more than 5.5% prompted by a slowdown in vehicle output across the globe.

According to market analysts, palladium price is taking a major hit as carmakers announce temporary productions cuts due to shortages of semiconductor chips. Palladium plummeted by 5.52% to $2,245.15 per ounce at 10:46 am ET.

The rest of the precious metals followed negative sentiment. Platinum fell 1.99% to $982.57 an ounce, while silver declined by 1.51% to $23.95 per ounce. Lastly, spot gold lost 0.40% to $1,787.17 an ounce one minute later.

Breaking the News / ND