Platinum fell 2 percent on Tuesday following news that striking platinum miners at South Africa's Lonmin mine accepted a pay offer that could have them returning to work on Thursday. After trading mostly higher early in the session, the metal suddenly nose-dived over $50, or 3 percent, within 10 minutes in response to news of the agreement at Lonmin's Marikana mine.
Spot platinum dropped 2.2 percent to $1,623.75 an ounce by 2:32 p.m. EDT (1832 GMT) on Tuesday, having lost nearly 4.5 percent in the past two days. Turnover was high in US platinum futures. Trading volume of all NYMEX contract months was near 22,000 lots, about 30 percent over its 30-day average, preliminary Reuters data showed. Spot gold rose 0.3 percent to $1,765.95 an ounce. Silver rose 1.1 percent to $34.57 an ounce.
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