Silver Prices Tumble as Fed Hike Bets Support Dollar

Silver prices fell to their lowest level in over a month on Monday, as the US dollar strengthened and expectations of a Federal Reserve rate hike grew. The metal dropped below $63 an ounce, weighed down by the prospect of higher interest rates.

Markets are pricing in around a 90% chance of a rate hike on Wednesday, following data that showed US inflation accelerated in August. Core consumer prices rose at their fastest pace in four months and slightly above expectations.

Oil prices continued to rise after Saudi Arabia shut a major crude pipeline due to drone attacks, disrupting a key route that bypasses the Strait of Hormuz and adding to global supply concerns.