Commodities
Silver Prices Plummet Amid Surging Rate Hike Odds
Silver prices continued their downward trend on Thursday, falling to near $64.00 per troy ounce as investors grew more confident in a potential rate hike by the Federal Reserve.
The US Dollar and US Treasury yields surged due to hawkish Fed expectations and resilient domestic economic indicators, further pressuring Silver prices.
A recent Flash US S&P Global PMI data for September showed manufacturing expanding faster than expected at 52.0, offsetting slight pullbacks in services and composite activity.
Market expectations for a 25-basis-point Fed rate hike in October rose to nearly 69.7%, up from 48.7% last week.