Precious Metals Hurt By Oil Reserve Release

IBTimes reports that the release of reserve oil caused commodity prices to drop across the board with the greatest toll affecting the precious metals markets.

The big drop in oil prices resulted in algorithm selling across the commodity complex, leading to losses in gold and even sharper drops in silver, platinum and palladium. Silver for July delivery traded at the New York Comex lost $1.737 (4.7%) to settle at $35.002 per troy ounce. Gold prices held up slightly better than its more speculative brother silver, with June Comex gold down $32.80 (2.1%), settling at $1,520.10 per troy ounce. The most actively traded platinum and palladium contracts lost 3.3% and 3.5% respectively.