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10/7, 9:29 PM (Source: TeleTrader)
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Precious metals trade lower, silver tumbles 3%

Precious metals traded lower on Friday with gold falling 1% and silver plunging more than 3% after a better-than-expected United States jobs report sparked concerns the Federal Reserve will continue with its aggressive rate hikes.

The US Bureau of Labor Statistics said that the US unemployment rate fell to 3.5% in September and nonfarm payrolls rose by 263,000.

Spot silver plummeted 3.05% to sell for $20.03 per ounce at 3:25 pm ET and the yellow metal lost 1.10% to go for $1,693.75 per ounce at 3:26 pm ET. Palladium dropped 3.68% to change hands for $2,169.54 per ounce at the same time, while platinum declined 1.02% to $914.89 per ounce at 3:27 pm ET.

Baha Breaking News (BBN) / NP