Silver Plunges to $58.50 as Dollar Rebounds

Silver prices declined to near $58.50 an ounce on Friday as the US dollar recovered from its previous sharp fall.

The metal was down about 0.8% in early trade, snapping a brief recovery after the Federal Reserve's decision to keep interest rates unchanged.

Unlike gold, silver trades as both a monetary asset and an industrial input, leaving it exposed to currency markets, manufacturing expectations, and speculative positioning.

The dollar rebounded after investors unwound their bets on an immediate Fed rate hike, while questioning whether Chair Kevin Warsh's inflation rhetoric would translate into action.