Silver Price Slumps Amid Divided Fed and Strengthening Dollar

The silver price dropped by 1.6% to $58.08 per troy ounce on Friday, ending a brief two-day recovery.

This decline was largely due to an unexpectedly divided Federal Reserve, which left interest rates unchanged but with three members pushing for an immediate rate hike.

The hawkish signal sent shockwaves through the market, causing the 10-year Treasury yield to climb to 4.68% and the dollar index to rise to 100.30 points, making silver more expensive for buyers outside of the US currency zone.