Silver Price Tumbles Below $60 Amid Rate Fears and Geopolitical Tensions

Silver's price has fallen below $60 an ounce after a brief touch of that mark, leaving traders to weigh competing forces. The metal slid to $57.62 on July 23, breaking its short-term uptrend and dipping below the neutral 50 threshold on the Relative Strength Index.

The pullback comes as the yield on 10-year US Treasuries surged to 4.703%, driven by a shift in rate expectations. Fed funds futures now price in an 83% probability of a September rate hike, up from 68% just days earlier.

Higher interest rates increase the opportunity cost of holding non-yielding assets like silver and gold, and that's weighing on their prices. The oil price spike is also feeding into inflation expectations, reinforcing the case for the Fed to keep rates elevated.