Commodities
Silver Price Plummets as Hawkish Fed Sinks Metal Below $69.00
The silver price saw a sudden reversal after reaching a two-month high of $71.12, plummeting below the $69.00 level as US Treasury yields rose higher.
This downturn was triggered by Fed Chair Kevin Warsh's hawkish stance in his Jackson Hole speech, pushing up interest rates and weighing on silver prices.
The white metal currently trades at $66.76, down 3.60% from its previous peak.
From a technical standpoint, the false breakout above the $70.00 level may signal a deeper-than-expected pullback, despite the short-term upward bias in silver's price action.