9/29/2023, 7:36 PM (Source: TeleTrader)
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Precious metal prices retreat, silver slumps 1.8%

The prices of precious metals reversed its course on Friday as concerns about the global economy appeared to deter investors from seeking refuge in safe-haven assets despite the looming government shutdown which would typically lead to more gold investments.

Namely, consumer confidence in the United States fell to its lowest level since March 2021, according to the University of Michigan, which seemingly fueled up fears about the country's economic stability.

At 1:27 pm ET, gold fell 0.76% to sell at $1,850.80 per ounce, while silver slid 1.87% to trade at $22.20 per ounce. A minute later, palladium dropped 1.68% to $1,240.02 per ounce and platinum went down by 0.52% to $906.31 per ounce.

Baha Breaking News (BBN) / AB