Silver Falls More Than 3.5% Ahead of US Midterm Elections

Precious metals prices moved lower on Tuesday, with silver falling back below the $50 level after a brief recovery. The metal recorded a decline of more than 3.5% as investors awaited the results of the US midterm elections.

Meanwhile, geopolitical uncertainty remains ongoing. Recent reports indicated that the US military had attacked Iran's Qeshm Island. Donald Trump also stated that Washington could target Mount Kolang, which is closely associated with Tehran's nuclear programme.

According to the latest data recorded at 4:01 a.m. Eastern Time, gold declined 1.26% to $3,895.97 per ounce. Silver also fell 3.62%, trading at $48.63.

Elsewhere in the precious metals market, platinum dropped 1.88% to $1,426.72 per ounce, while palladium declined 3.09% to $930.06 per ounce.