Silver Prices Plummet Over 5% Amid Stronger US Dollar and Rising Treasury Yields

Silver prices have dropped more than 5% in European trading on Monday, reaching their lowest level in eight weeks. This decline follows a temporary rebound on Friday and comes under pressure from a stronger US dollar and rising Treasury yields.

The price of silver fell to $60.95 an ounce, its lowest since August 6. It had opened at $64.30 and reached a high of $64.31. The metal lost 2.95% last week, its fourth weekly decline in five weeks, due to hawkish expectations for the US interest rate outlook.

The US dollar index rose nearly 0.2% on Monday, resuming gains that paused on Friday and moving back toward a two-month high. This reflects renewed strength in the US currency against a basket of major and minor currencies.