The prices of precious metals declined sharply due to a drop in safe-haven demand after a report suggested that Israel and Lebanon are nearing a ceasefire deal, thus signaling a potential de-escalation in the Middle East. Gold was sitting on strong gains over the last week after tensions rose in Europe with Ukraine confirming to have attacked Russia using United States-supplied ATACMS missiles.
Gold dropped 1.48% to sell at $2,666.99 per ounce at 11:25 pm ET. Silver tumbled 1.55% to go for $30.76 per ounce. Palladium shed 0.53% to $995.24 per ounce and platinum fell 0.69% to $957.33 per ounce at 11:27 pm ET.