Analysts: The collapse in silver prices has weighed on the overall performance of precious metals

Spot silver plunged more than 7 per cent to $48.40 an ounce on Tuesday. Tai Wong, an independent metals trader, said: "Silver tumbled today, dragging down the entire precious metals sector, and the $54 level has formed a short-term top. Despite the shaky market sentiment below $50, as long as gold remains relatively strong, silver will still trade sideways in sharp fluctuations." Spot gold's latest daily decline extended to more than 5%, and the refresh day low was close to $4,120 an ounce. Spot platinum fell more than 7%, with a minimum drop of $1,513 an ounce.