PRECIOUS metals futures most-active contracts extended losses: Shanghai silver fell more than 5%, platinum declined over 4%, palladium dropped nearly 4% and Shanghai gold slipped nearly 3%.

On the afternoon of May 28 at a routine briefing, China's Defense Ministry spokesman Senior Colonel Jiang Bin criticized recent US-Japan joint drills in the southwest islands, saying they included a joint command center about 110 km from Taiwan and that Japan's defense minister framed the exercises as strengthening regional deterrence and emergency operational capabilities. Jiang said such military cooperation should not target or harm third parties or undermine regional peace and stability, and warned Japan's right-wing-driven "new militarism" risks becoming a source of instability in East Asia.

Spot gold was down 1.00% intraday, trading at $4,408.63/oz; spot silver was down more than 2.00% intraday, trading at $73.13/oz.