Khaberni - Global metal markets today (Wednesday) witnessed a strong wave of downturns amid sharp and unusual fluctuations, impacting the performance of precious metals during transactions.
Silver prices in spot transactions declined by more than 8% to record about $71.5 per ounce, affected by the uncertainty dominating the markets.
In contrast, gold futures decreased by 0.65% or approximately $28.3 to reach $4358 per ounce by 10:10 GMT, while gold in spot transactions registered a slight increase of 0.16% or $6.8 to reach $4346 per ounce.
Platinum continued its losses in spot transactions, recording a drop of more than 7% to $2038.55 per ounce.
Palladium in spot transactions also dropped by more than 7% to $1497.75 per ounce.
Precious metals had an exceptional year, driven by multiple factors, and being considered safe-haven assets, gold and silver benefited from rising geopolitical tensions. These metals are also seen as a means to hedge against inflation. Additionally, a weaker US dollar makes metals cheaper and more attractive to foreign buyers.
Expectations of interest rate cuts and concerns about supply constraints contributed to rising prices.
Silver is widely used in electronics, including solar panels, data centers, and electric vehicles.
