Silver Price Slumps to $66.10 Amid Hawkish Fed Remarks and Soaring Oil

The price of silver (XAG/USD) fell to near $66.10 per troy ounce on Monday, extending its losses for the second day in a row.

This decline came after Federal Reserve Chair Kevin Warsh's hawkish remarks at the Jackson Hole symposium, where he stated that policymakers would have work to do if they were not confident that cost-of-living pressures were easing for Americans.

Warsh emphasized that 'we must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do.'

The Fed's next interest rate decision will take place on September 15-16, with the CME FedWatch tool indicating a nearly 57.5% chance of at least 25 basis points being raised next month.