Gold tumbles 3%, platinum, silver slide over 6% in rush for cash

The dollar rose over 1% against rivals, making gold more expensive for holders of other currencies.

Gold tumbled 3% on Tuesday, while other precious metals also extended heavy losses from the previous session, as fears over the global economic toll from the fast-spreading coronavirus prompted investors to dump most assets and hoard cash. Platinum and silver shed more than 6%, while palladium lost over 4%. Industrial metals were worst hit in Monday's meltdown on concerns of a global recession.

"Cash and bonds are king right now. It's just the place where investors are seeing value in terms of what they hold," OANDA analyst Craig Erlam said, adding precious metals seemed to be the go-to assets for