Silver collapses nearly 17% in Asian market, gold cracks 3.5% as precious metals erase recent gains

Spot silver tumbled as much as 16.6% on Thursday, having briefly recovered above $90 an ounce in early Asian trading. Meanwhile, spot gold dropped as much as 3.5% in choppy trading.“Sentiment seems to have turned soggy across most asset classes, including regional equities and metals,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp Ltd. “This underscores fragile sentiment” and has created “a feedback loop amid thin market liquidity,” he said. Precious metals soared last month in a rall ...