Gold prices on Tuesday suffered its deepest one-day plunge in almost six weeks, as the retail and U.S. manufacturing reports to have been better than what was expected, plus the easing of the geopolitical tensions between North Korea and the U.S. cut back the demand for save haven assets.
December Gold futures were down by $10.70 or a cut back of 0.8% and was seen settled at $1,279.70 p per ounce. Prices saw the largest daily dollar and percentage decline since July 7.
September silver futures were down by another 40.8 cents or equal to a 2.4% drop to end at $16.714 per ounce, with the precious and industrial metal also marking its worst single-session decline since July 7. It finished lower for the first time in six sessions.
Tensions between Pyongyang and Washington was seen further cooling yesterday as North Korean leader Kim Jong Un announced that he would not launch a ballistic-missile attack on the Guam, which is under the U.S. territory, according to the country’s state media.
Among other metals Comex, September copper fell by 2.2 cents or a 0.7% decrease and was sold at $2.663 per pound. October Platinum lost $7.50, a 0.8%, and was sold at $967.40 an ounce and September Palladium ended the session at $892.05 per ounce.
In exchange-traded funds, the SPDR trust fell 0.8%, while iShares Silver lost 2.2%. The VanEck Vectors Gold Miners ETF was down by 1.2%.