Silver Price Plunges Amid Energy Supply Worries

The price of Silver (XAG/USD) has dropped by 1% to around $63.80 during the Asian trading session on Friday.

This decline is attributed to ongoing concerns about global energy supply disruptions, particularly in the Strait of Hormuz and Bab al-Mandab Strait, which account for nearly 27% of global energy supply.

The blockage has led to higher oil prices, boosting inflation expectations and prompting fears of interest rate hikes by central banks.

This scenario is unfavorable for non-yielding assets like Silver.