Silver Prices Plummet Then Recover as Fed Hints at Higher Rates

Silver prices swung wildly on Thursday, ending the day up 2.36 percent at $59.27 per ounce.

The whiplash came as the Federal Reserve kept its benchmark rate unchanged, but Fed Chair Kevin Warsh hinted that higher rates could be necessary if inflation remains high.

This hawkish signal sent a shockwave through rate markets, with the implied probability of a September rate hike jumping from 56 percent to 67 percent.

The tension between rising interest rates and geopolitical anxiety, particularly in the Middle East, is creating a volatile environment for silver traders.