Precious metals suffer sharp losses

Gold, which started the year at $4,313 per ounce and hit a record of $5,600 in January, fell to $4,157 by the end of September, losing 3.6% over the first nine months. Silver declined 14.8% over the same period.

Platinum fell 16.7% in the first nine months of the year, while palladium recorded the steepest decline at 24.4%. High oil prices, rising bond yields, a stronger dollar and the Fed’s tight monetary policy contributed to pressure on precious metals.