Commodities
Oil Price Surge Triggers Silver Slide Amid Inflation and Rate Hike Concerns
Silver prices have been under pressure due to concerns over inflation and higher interest rates.
The metal has erased its gains, falling nearly 4% on Thursday night to $57.44 per ounce, as a sharp rise in crude oil prices has fueled inflationary concerns.
According to Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, the relentless rise in oil prices is a key factor influencing precious metals, and silver may stay within its $54-$61 range in the near term due to rate hike concerns and oil gyrations.