Warsh's Hawkish Comments Send Silver Prices Plummeting

Silver prices continued to decline on Monday, reaching $66.10 per troy ounce in Asian trading hours as investors reacted to hawkish comments from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.

Warsh emphasized that policymakers would need to be confident that inflation pressures are easing before making any policy decisions. He stated, 'We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed... Otherwise, we have work to do.'

The CME FedWatch tool shows a nearly 57.5% probability of at least a 25 basis points interest rate hike next month, up from 35% before Warsh's speech.

Additionally, rising oil prices and heightened geopolitical risk due to Iranian missile strikes added pressure to silver prices.