Silver Prices Plummet 5% Amid Strong Dollar and Rising Treasury Yields

Silver prices have plummeted by around 5% on Monday to their lowest level since early August, weighed down by a stronger US Dollar and rising US Treasury yields.

The XAG/USD price fell to $61.08 at the time of writing, as investors became more confident in another Federal Reserve rate hike in October, with markets pricing in a 70% chance.

A stronger US Dollar makes Silver more expensive for overseas buyers, while higher yields increase the opportunity cost of holding the metal.