Silver Prices Plunge as Dollar Rebound Triggers Trader Reassessments

Silver prices fell to $58.50 per ounce on Friday as a rebound in the US dollar prompted traders to reassess their positions.

The metal dropped by about 0.8% at $58.52 in early trade, snapping a brief recovery following the Federal Reserve's decision to keep interest rates unchanged.

Unlike gold, silver is exposed to the dollar, manufacturing expectations, and speculative positioning due to its dual role as both a monetary asset and an industrial input.

The stronger US dollar typically supports silver by reducing its cost for overseas buyers, but in this case, it led to a decline in prices.