Gold, silver down 1% as precious metals sink

The price of precious metals dropped on Monday amid uncertainties regarding Federal Reserve rate cuts and the still-hot labor market. Last week, the Fed indicated it could hold rates for longer than previously expected, while the nonfarm payrolls report for December showed the United States economy added more jobs than analysts predicted.

Gold fell by 1.07% at 6:31 am ET and sold for $2,022.80 per ounce, while silver slumped 1.27% to go for $22.88 per ounce at the same time. Platinum declined by 1.18%, going for $954.11 per ounce at 6:32 am ET, and palladium lost 1.98%, selling for $1,000.57 per ounce.