Hot Commodiites: Silver falls 4%, tanks under $36 per ounce mark

Silver prices fell about 4 percent to $35.60 per ounce on Friday, marking a second day of losses as traders booked profits after a sharp rally to 13-year highs. Gold also slipped slightly after nearing record levels, pressured by a firm US dollar that stayed above 98 following the Federal Reserve?s decision to keep rates unchanged and maintain its cautious, data-driven stance. Despite the selling, safe-haven interest remains supported by the worsening Israel-Iran conflict. Israel stepped up strikes on key government and military targets in Tehran after reports said an Iranian missile hit a major Israeli hospital, raising fears of a wider regional conflict. The precious metals were also hurt on reports that India has put import restriction on certain Precious Metal Alloys containing Gold. This has come at a time when local Gold imports are already witnessing signs of stress owing to massive surge in prices recently.

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