Silver Prices Crash Below $61 Amid Stronger Dollar, Rising Yields

Silver prices plummeted over 5% in European trading on Monday, reaching their lowest level in eight weeks. The decline was driven by a stronger US dollar and rising Treasury yields.

The precious metal's price fell to $60.95 an ounce, its lowest since August 6. This drop comes after a brief rebound on Friday when silver gained 0.7%, its first increase in three sessions.

The current downward trend for silver is not surprising given the hawkish expectations for US interest rates. Last week, silver lost 2.95% as markets priced in a higher likelihood of a rate hike in October.