Silver Prices Plunge After Fed Rate Hike and Warsh's Hawkish Comments

Silver prices have been under pressure since the Federal Reserve's September 15-16 rate hike, and the situation has worsened after Chair Kevin Warsh hinted at further hikes. The dollar index held near a three-week high as Fed officials reinforced the possibility of a November follow-up move.

The IBJA silver rate in India fell to ₹233/g on September 24, marking the lowest benchmark rate since the second week of September. Retail buyers across Indian cities paid approximately ₹240 per gram, inclusive of 3% GST and local levies.

The MCX December silver futures fell 1.21% to ₹2,33,052 per kilogram, their lowest close since the market was still absorbing the first signals of Federal Reserve hawkishness earlier this month.