Gold and Silver Prices Hurt by Panic Selling

IB Times reported that debt and economic concerns are causing traders to sell their gold and silver assets, pushing prices down.

The market news is quoted as saying:

Front-month Comex silver futures lost 9.6% to settle at $36.54 per troy ounce – one of the heaviest down-days in silver for the year. Meanwhile, as in the previous day’s trading session, algorithm selling by hedge funds led to falls in gold prices, with traders covering losses in other assets with the cash from gold sales.

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