The price of gold continued to drop, extending sharp losses from last week, amid a sell-off in the precious metals market. At the same time, there was seemingly no solid underlying cause behind the marked volatility affecting the yellow metal, which took place after it crossed the historic threshold of $5,000 per ounce in January. At 11:12 pm ET, gold slumped 4.91% to sell for $4,635.37 per ounce. Silver plummeted 8.78%, going for $76.64 per ounce, and platinium lost 1.87% to go for $2,181.97 per ounce, while palladium decreased 1.51% at 11:12 pm ET, changing hands at $1,725.24 per ounce.
Silver plummets nearly 12% as sell-off continues
Silver continued to drop wildly on Monday, as traders grappled with the dramatic correction that kicked off on Friday and saw it drop by over 35%. Silver nosedived 11.93% at 12:49 am ET, going for $73.98 per ounce. Gold plunged 7.16% to $4,539.45 per ounce at 12:55 am ET. Platinum fell by 4.09%, a minute later, selling for $2,133.92 per ounce and palladium dropped by 1.95% to $1,716.72 per ounce.