Silver Prices Plummet Below $60.50 Amid Inflation Concerns

Silver prices have declined to below $60.50 per troy ounce as inflation concerns rise due to increasing crude oil costs, fueled by fears of a deteriorating conflict between the US and Iran.

The strengthening US Dollar (USD) and climbing Treasury yields also contribute to the selling pressure on silver.

Federal Reserve officials' recent hawkish remarks have boosted the Dollar's value, as investors reassess their expectations for monetary policy tightening.

Logan, a Fed official, emphasized that higher yields may indicate increased term premiums, reducing the need for further rate hikes. He also called for at least 50 basis points more in rate increases and additional measures to support the economy.