Silver Prices Tumble as Fed Hike Bets Surge to 71%

The price of Silver (XAG/USD) fell by 1.23% on Thursday, reaching around $63.65 at the time of writing.

This decline comes as market expectations for a Federal Reserve interest-rate hike continue to rise.

New York Fed President John Williams stated that it is 'reasonable to see another rate hike by end of year' and emphasized the need to bring inflation back toward the central bank's 2% target promptly.

The remarks reinforce market expectations, which now assign a roughly 71% chance to another rate hike at the October meeting, up from around 55% a week earlier.