Silver Prices Plummet on Weak US Treasury Auction and Rising Bond Yields

Silver prices plummeted by 4% on Wednesday to $64.93 an ounce on the futures market, reversing gains from the day before when it hit a high of $67.61 an ounce.

The sharp drop was triggered by a weak US Treasury auction, which saw yields on ten-year Treasuries climb as high as 5.13% - a level last seen in 2007.

This rise in bond yields makes commodities more expensive for buyers outside the US and weighs on investor sentiment.

The Federal Reserve's comments also added to the pressure, with Governor Michael Barr indicating that further adjustments to monetary policy may be necessary.