Silver Price Tumbles to Near $63.60 Amid Hawkish Fed Remarks

Silver prices plummeted to near $63.60 on Thursday, following hawkish remarks from New York Federal Reserve Bank's John Williams.

Williams signaled that the central bank is highly worried about rising inflationary pressures and is gaining confidence in the overall job outlook.

The comments from Fed's Williams indicated that it is 'reasonable to see another rate hike by end of year,' which contributed to a rally in US Treasury Yields, reaching 5.14%, the highest level seen in over 19 years.

Silver Technical Analysis revealed that XAG/USD trades at $63.79, holding below the 20-day exponential moving average (EMA) at $65.15, suggesting rallies may be capped unless buyers can reclaim the EMA.