Silver Prices Plummet Amid Elevated US Yields and Strong Dollar

Silver prices plummeted on Monday by 4.53% to trade around $61.40, as elevated US Treasury yields and a strong Dollar put pressure on non-yielding assets.

The precious metal faces selling pressure due to growing expectations of further interest rate hikes from the Federal Reserve, which could lead to a longer-term restrictive monetary policy stance.

Higher Oil prices remain a concern for investors, as persistent disruptions to global energy supplies fuel risks of more persistent inflation in the US.

The CME FedWatch tool now prices in around a 68% chance of another interest rate hike at the Fed's October meeting, following the September rate increase and hawkish comments from several officials.