Hawkish Fed Sentiment Sends Silver Prices Plummeting

Silver prices have fallen to near $58.00 per troy ounce as investors face hawkish sentiment from the Federal Reserve, according to FXStreet.

The Fed's commitment to a 2% inflation goal has been reaffirmed by various officials, including Kevin Warsh, who stated that 'inflation cannot be cured in 9 weeks' and that the Committee 'will not hesitate to act.'

This stance has led to an over 65% chance of a Federal Reserve rate hike in September, as indicated by the CME FedWatch tool.

The US Dollar Index (DXY) is holding gains after two days of losses, trading around 100.20 at the time of writing.