Precious metals plunge to one-year low, Silver melts 18% this month

Precious metals saw heavy selling on the last session of this month, accelerating losses in evening trades after St. Louis Fed President Alberto Musalem noted that additional firming of monetary policy will be necessary soon. COMEX Gold is down 3% at $3900 per ounce while Silver has lost 6% at $49.26 per ounce, testing one-year low. Gold has lost 7% this month while silver has plunged around 18%. MCX Gold has also shed 2.70% to trade at Rs 138758 per 10 grams. MCX Silver has dipped 5.12% at Rs 179800 per kg.

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