Silver Prices Plunge as Fed's Williams Signals More Rate Hikes

Silver prices plummeted to near $63.60 after New York Federal Reserve (Fed) Bank John Williams signaled more interest rate hikes this year.

Williams' hawkish remarks caused a significant drop in silver prices, which are now down 1.25% during the European trading session on Thursday.

The Fed's concerns about high inflationary pressures and a strong job outlook led to increased expectations of another rate hike by the end of the year, as indicated by the CME FedWatch tool, which showed odds rising to 55% from 42.3% earlier in the week.

Higher US Treasury Yields have also contributed to the decline in silver prices, reaching a near 19-year high of 5.14%.