Silver Slumps on Fed Hawkishness

Silver prices have dropped to near $66.00 per ounce due to hawkish comments from Federal Reserve Chair Kevin Warsh, which has strengthened the US dollar and reduced demand for precious metals.

The decline in silver prices is a result of Warsh's suggestion that interest rates may remain higher for longer to combat persistent inflation, boosting US Treasury yields and the dollar index.

This stance makes dollar-denominated silver more expensive for foreign buyers and reduces its appeal as an inflation hedge, leading to a decrease in demand and subsequent price drop.