Commodities
Silver Price Plunges to $60.98 Amid US Inflation and Rate Hike Worries
The silver price has fallen by 0.8% to $60.98 on Wednesday, putting it on track for a monthly decline.
Investors are waiting for US inflation data, due out later today at 1230 GMT, which may provide clues on the possibility of Federal Reserve rate hikes.
Giovanni Staunovo, an analyst with UBS, attributes gold's recent weakness to 'higher oil prices and the increased probability of further US rate hikes being priced in by market participants.'
Beth Hammack, chief of the Cleveland Fed, has warned that consistent high inflation risks can make the American public accept hiked prices as the norm.