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Precious metals declined sharply on Monday, giving back some of last week’s rapid gains as rising bond yields triggered renewed upside in the U.S. dollar.
Gold, Silver Slump
Precious metals prices were down across the board at the start of the week, as commodities traded inversely with the dollar. Gold for December settlement, the most actively traded futures contract, fell $18.20, or 1.5%, to $1,187.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
Silver’s declines were much more severe percentage-wise. The grey metal plunged 34 cents, or 2.4%, to $14.31 a troy ounce.
Gold’s premium over silver has declined 2.6% over the past 30 days to 82.45 ounces, according to Goldprice.org. Over the
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